The three-year deal is worth up to $15 million, according to league sources.
Munnerlyn spent the first five seasons of his career in Carolina.
Last season, the 25-year-old had a career-high 74 tackles and 3½ sacks. He also returned both of his interceptions for touchdowns and has five defensive TDs in his career.
Munnerlyn said after the season his first option was to remain at Carolina, but added he wanted a long-term deal.
The sixth-year player out of the University of South Carolina signed a one-year deal in 2013 to return to Carolina, which drafted him in the seventh round.
Considered undersized at 5-foot-9, he proved this past season he could play cornerback every down as well as be a nickel back.
EPSN.com Vikings reporter Ben Goessling and ESPN.com Panthers reporter David Newton contributed to this report.