Gamble had been scheduled to count $10.9 million against this year's salary cap. His release clears $7.9 million in cap space.
"I appreciate the contributions of Chris during my first two years as head coach and to the organization for many years," said Panthers coach Ron Rivera. "He always handled things the right way, and we wish him the best."
Gamble has played in 123 career regular-season games with 117 starts and is the franchise's leader with 27 career interceptions, including two returned for touchdowns. His 117 career regular-season starts are the most by a cornerback in franchise history.
Gamble, who is three days shy of turning 30 years old, missed most of last season with a torn labrum in his shoulder.
Information from The Associated Press was used in this report.