FOXBORO, MASS. (WHDH) - The New England Patriots have traded veteran cornerback Stephon Gilmore to the Carolina Panthers in exchange for a future draft pick.

RELATED: Linebacker Jamie Collins returning for 3rd stint with Pats

Carolina is sending New England a 2023 sixth-rounder for the former NFL defensive player of the year, the Panthers announced in a news release.

Gilmore signed a five-year, $65 million deal with the Patriots in 2017.

The 31-year-old suffered a quad injury late last season and was placed on the physically unable to perform list to start this season. He would have been eligible to begin practicing again after Week 6.

The four-time Pro Bowler announced his departure from New England, writing in an Instagram post, “It is with mixed emotions that I announce my goodbye to this great fan base. We enjoyed so much success together and you have been an incredible inspiration for my individual achievements.”

Patriots head coach Bill Belichick confirmed that the two sides had “mutually agreed to part ways” after failing to come to terms on a new contract. They had been trying to work out a restructured deal since this summer.

Gilmore was slated to make a $7 million base salary this season with a $500,000 roster bonus but the standout defender was seeking compensation that would put him among some the league’s top paid cornerbacks.

Gilmore was raised in Rock Hill, South Carolina, which is less than 30 miles away from his new team’s headquarters.

(Copyright (c) 2021 Sunbeam Television. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Join our Newsletter for the latest news right to your inbox