The deal is worth $2.8 million with a $600,000 signing bonus, according to a league source.
Coleman spent last season with the Kansas City Chiefs, where he led the team with three interceptions. He spent his previous four seasons with the Philadelphia Eagles, where he played under Carolina defensive coordinator Sean McDermott as a rookie in 2010.
He will add depth at both safety spots behind strong safety Roman Harper and free safety Tre Boston. He also can play special teams, finishing third on the Chiefs in special-teams tackles this past season.
"Being familiar with Sean and watching this defense, I wanted to be able to help this team build into something special and make a run," Coleman said in a team release. "They've done great the last two years getting into the playoffs, but the great thing is they're not satisfied with just getting there. I want to be a piece to help this team go and be something special."
Coleman was drafted in the seventh round by the Eagles out of Ohio State in 2010. He has 10 career interceptions in five seasons.
"Kurt gives us a versatile safety who can play both spots," coach Ron Rivera said in a team release. "He's athletic, he's intelligent, and will understand the system, having worked with Sean before.
"He's a very consistent player and also adds special-teams ability. That is something we've talked about improving upon and we've made some moves this offseason looking for guys that can help us on special teams."