The move came two days after Cason was benched during a 31-13 loss at Minnesota after giving up a 17-yard touchdown catch to Greg Jennings with 16 seconds left in the first half.
The team also released linebacker Jason Williams and brought up linebacker Horace Miller from the practice squad.
Sunday's loss to the Vikings was the second time this season Cason had been benched. The other came after he was called for a 32-yard pass interference penalty in the end zone just before halftime of an Oct. 30 loss to New Orleans, Carolina's opponent this Sunday.
Cason likely will be replaced by rookie Bene Benwikere, who came in for the 2008 first-round pick out of Arizona for the second half against Minnesota.
Cornerback Carrington Byndom, a rookie out of Texas, will be signed from the practice squad to replace Cason, sources said.
Cason is the second member of Carolina's beleaguered secondary to be released this season. Veteran safety/cornerback Charles Godfrey was cut Oct. 21.
Cason signed a one-year deal worth $795,000, with $65,000 guaranteed, during the offseason. He started 11 of 12 games, but according to Pro Football Focus ranked 111th out of 117 cornerbacks.
Benwikere, a fifth-round pick out of San Jose State, began the season as a nickel back. He missed six games with an ankle sprain, returning to the lineup against Minnesota.