The Carolina Panthers are expected to place their franchise tender on star cornerback Josh Norman if no deal is reached with him in the next month, a source told ESPN NFL Insider Adam Schefter.

Norman, 28, told the Panthers before this season that he would play out his contract -- $1.59 million in 2015 -- because he deserved to be paid among the top cornerbacks in the NFL.

"Because from day one, I've always been cashing in on myself,'' Norman said this week as he prepared for Super Bowl 50 against the Denver Broncos. "If you don't cash in on yourself, who is going to do it for you? If you don't think you're doing your job, who's going to do it for you?"

Norman backed that up his decision with a superb season in which he was selected to the Pro Bowl for the first time. He posted career highs with four interceptions, 18 passes defended, three forced fumbles and two fumble recoveries.

ESPN's David Newton contributed to this report.