Hardy, who has been convicted on two counts of domestic violence, was seen leaving the team's facility with agent Drew Rosenhaus on Wednesday afternoon, shortly after Panthers coach Ron Rivera announced that the Pro Bowler would not practice.
Rosenhaus told reporters that a decision has been made on Hardy's status but did not offer any further details.
The Panthers would not have to play Hardy, although they would still pay him if he was placed on the exempt/commissioner's permission list -- a move that the Minnesota Vikings made early Wednesday morning with embattled running back Adrian Peterson.
According to the NFL, only commissioner Roger Goodell has the authority to place a player on the exempt list, as it is a "special player status available to clubs only in unusual circumstances."
Hardy returned to the Panthers on Monday and was expected to practice with the team this week after being deactivated for this past Sunday's game against the Detroit Lions.
Rivera and general manager Dave Gettleman previously had said that the team was doing its "due diligence" in regard to its options with Hardy, who was found guilty by a judge in July of assaulting and threatening his ex-girlfriend.
Hardy has appealed the conviction and is scheduled for a jury trial that begins Nov. 17. If the sentence is upheld, he will face 60 days in jail and 18 months' probation.
The NFL considers the Hardy situation to be under review, specifically by former New York prosecutor Lisa Friel, whom the NFL hired as a special consultant Monday as part of its social responsibility division, a league source told ESPN.
ESPN's Ed Werder and ESPN.com Panthers reporter David Newton contributed to this report.