This comes just a couple of days after the Eagles acquired defensive end Michael Bennett from the Seahawks in exchange for draft picks and receiver Marcus Johnson.
The Eagles have to clear contracts to get under the salary cap by March 14 - the start of the new league year - and they are well on their way.
Last year in free agency, the Eagles signed Smith to a three-year, $15 million deal.
Smith would have come to Baltimore and been their immediate deep threat.
Even though his numbers were down across the board, Smith played an integral role in the postseason.
He stepped up his play in the Eagles' run to the Super Bowl, recording in 13 catches on 21 targets for 157 receiving yards and a touchdown in three playoff games. The former West Virginia University product is still on his rookie deal and set to make $650K in 2018. The Philadephia native started 25 games for the Panthers over the past two seasons after Carolina selected him in the third round of the 2016 NFL Draft. Worley finished with two interceptions and 10 pass deflections.
The Eagles add Worley to an already relatively young cornerback pack that includes 2017 draft picks Sidney Jones (2nd round) and Rasul Douglas (3rd round, also went to West Virginia) along with Jalen Mills (7th round 2016) and Ronald Darby, a free-agent acquisition previous year. With Patrick Robinson slated to become a free agent, cornerback was definitely a need for Philadelphia.