The veteran running back thanked the Atlanta Falcons for his release on Monday.
Davis joined a Falcons team in need of offensive skill in 2021, returning him to Atlanta.
He had 138 runs for 3.6 yards per carry in an offence that used Cordarrelle Patterson as a playmaker and shifted targets to rookie tight end Kyle Pitts.
Davis had less carries than he did in his last season in Carolina.
According to NFL Network's Mike Giardi, the Falcons will take up guard Chris Lindstrom's fifth-year option.
The organisation eventually confirmed the announcement, along with declining offensive lineman Kaleb McGary's fifth-year option.
Linebacker James Vaughters and offensive lineman Willie Beavers were dismissed, while long snapper Beau Brinkley was placed on injured reserve.