The Carolina Panthers released Shepard on Monday after he declined their offer of a pay cut, according to the Charlotte Observer.
Shepard recorded just 17 receptions for 202 yards and a touchdown last season after signing a three-year, $10 million deal with Carolina. The 28-year-old had 47 catches for 634 yards and four scores in 72 career contests with the Tampa Bay Buccaneers and Panthers.
Carolina acquired Torrey Smith from the Philadelphia Eagles, signed Jarius Wright and selected fellow wide receiver D.J. Moore in the first round of the 2018 NFL Draft. The Panthers also have Devin Funchess, slot man Curtis Samuel and Damiere Byrd on their wide receiver depth chart.
The Bills' wide receiving corps features former Panther Kelvin Benjamin, Zay Jones and Jeremy Kerley, who rejoined the AFC East after two different stints with the New York Jets.
Buffalo also selected Clemson wideout Ray-Ray McCloud in the sixth round of the 2018 NFL Draft and North Carolina wide receiver Austin Proehl in the seventh. The latter is the son of former NFL wide receiver Ricky Proehl.