Elder was primarily a slot corner for the Panthers last season, which remains a need for the Lions.
Elder, 26, is a former fifth-round pick of the Panthers back in 2017. He spent just over two years in Carolina before he was waived coming out of the preseason in 2019.
The Giants later signed Elder to their practice squad. However, the Panthers signed Elder back off the practice squad to their roster later that season.
In 2020, Elder appeared in all 16 games for the Panthers and recorded 38 total tackles, one forced fumbles and three pass defenses. Pro Football Focus had him rated as the No. 31 cornerback out of 121 qualifying players.