The Carolina Panthers have released Cam Newton.

The Panthers and Newton's agency coordinated for him to undergo a physical in Atlanta on Monday, which he passed.

Both Newton's shoulder and foot "checking out well," a source told Schefter. "He is hungrier than ever and eager for the next opportunity."

"Cam has meant a lot to this organization and the Carolinas," general manager Marty Hurney said in a statement. "Everyone saw his performances on the field. I had the privilege of seeing how hard he worked off the field, and his commitment to this team when no one was watching. He's the ultimate competitor and it physically hurts him to lose. He willed this team to victory on many occasions and will always be considered one of the greatest players in the history of this franchise. His contributions to this team, this community and the game of football will leave a lasting impact on our organization."