NFL Network's Ian Rapoport and Mike Garafolo reported Panthers locked up Gano to a four-year deal worth $17 million.
The team later announced the pact.
Rapoport previously reported the Panthers would utilize the franchise tag if a multiyear deal couldn't be struck before Tuesday's 4 p.m. ET deadline. The sides slid the deal in about two hours before the cutoff.
Gano made the first Pro Bowl of his career in 2017, banging through 29 of 30 field goal attempts, with a long of 48 yards, and nailing 34 of 37 extra point tries.
Gano owns a career 81.7 field goal percentage. His 96.7 percent field goal rate last season was a career high since he became a regular starter in 2010.
The 30-year-old kicker has been with Carolina the past six seasons. His new contract keeps him apart of the Panthers through the 2021 season.
Last offseason the Panthers brought in seventh-round rookie Harrison Butker to compete for the kicking duties after Gano's down 2016 campaign. The veteran responded by winning the gig and earning his best season. The Panthers rewarded him Tuesday.