Former University of North Carolina cornerback and current undrafted free agent Kendric Burney tweets that he's not going far - he'll be a Carolina Panther. The Panthers will probably officially announce the signing on Tuesday, which is the first day that post-NFL Lockout rules allow them to do so.
Burney was one of the top-rated undrafted free agents available. Big Blue View has compiled some scouting information on him here. Basically, he's very small at 5-foot-9, and he's not incredibly fast. Those factors might make him a liability against the run, since he struggles to get around blocks by bigger, stronger players. However, he might wind up being useful in nickel and dime defenses, since he plays his position well, has good instincts and does a good job reading opposing quarterbacks and wideouts.
As expected for a player who made it through the entire 2011 NFL Draft without getting picked, Burney isn't a perfect player. But he's a nice addition for the Panthers, and he stands a decent chance of helping.