In return, the Panthers get Tim Kennedy and a third-round 2011 draft choice.
McCabe is earning $4.15 million this season, although his cap hit for the year is $5.75 million. He'll be an unrestricted free agent July 1.
The Rangers have craved a power-play point man all season. McCabe has 22 points (five goals, 17 assists) in 48 games this season. Last season, he put up 43 points (8-35) in 82 games.
Kennedy, 24, has 42 points (12-30) in 53 games with AHL Hartford this season.