Coleman stays in NFC South at a time when New Orleans is expected to lose free-agent safety Kenny Vaccaro.
The Panthers released Coleman on Feb. 26, clearing $2.65 million in salary-cap space.
Coleman, who will turn 30 in July, signed a three-year extension with the Panther in 2016 worth $17 million with $7 million guaranteed.
He originally joined the Panthers as a free agent in 2015, leading the team with seven interceptions. He had only four interceptions in 2016 and none last season when he was named a team captain for the first time.
ESPN's David Newton contributed to this report.