Palardy has been the Panthers full-time punter since 2016 and signed a three-year extension with the team in 2018.
Palardy averaged 46 yards per punt last season, ranking 16th in the NFL.
Charlton played at University of South Carolina and holds the Gamecocks record for career punting average of 45.5
As a senior, Charlton had a school-record 27 punts of 50 or more yards.
Undrafted rookies, linebacker Jordan Mack will choose to opt-out of the year due to COVID-19 concerns and offensive lineman Branden Bowen will begin camp on the active/reserve list with a non-football illness
The Panthers also waived offensive lineman Juwann Bushell-Beatty, who most recently played in the XFL.
The team reported to Bank of America Stadium for the first time on Tuesday as they began the first phase of COVID-19 testing.