In the trade, the Vikings get Thielen, a conditional 2026 seventh-round pick and a 2027 fifth-round pick.
In return, the Panthers are receiving a 2026 fifth-round pick and a 2027 fourth-round pick.
Thielen spent the first nine years of his career with Minnesota and the previous two seasons with Carolina.
He had two 1,000-yard seasons for Minnesota (2017, 2018) and a 1,000-yard season in his first year with Carolina (2023). The 35-year-old is a two-time Pro Bowler.
The Vikings needed another wide receiver, with young star Jordan Addison suspended for the first three games following a DUI arrest
Born in Minnesota, Theilen originally signed with the Vikings as an undrafted free agent.
He is on a one-year, $8.5-million contract and will be a free agent at the end of the season.