"Last night, I learned that the Carolina Panthers would not restrict my availability during the upcoming free agency period," Peppers said in a statement released Tuesday. "I feel good about having the opportunity to visit with other teams. My goal will be to find the right match for my skill set.
"I am thankful for the eight seasons I have spent in the National Football League thus far; and am looking forward to beginning this new phase of my career," he added.
The official announcement from the team is likely to come Tuesday, when the Panthers hold a news conference to address a number of issues.
If the Panthers had opted to tag Peppers, it would have cost them $21.4 million -- about $1.3 million per game -- which the team deemed too pricey. Peppers will be one of the highest-profile free agents since Reggie White.
Teams have until 4 p.m. ET on Thursday to use their franchise tags.
Adam Schefter is an ESPN NFL Insider.