The Carolina Panthers exercised their 2015 option on quarterback Cam Newton, according to reports Thursday.

Newton is recovering from ankle surgery but is expected back for training camp.

The two sides are expected to eventually work on a deal that will keep Newton in Carolina well beyond 2015.

Barring an extension, the No. 1 overall pick in the 2011 NFL Draft will play the 2014 season under the terms of his original rookie deal -- a four-year contract that paid on an average of $5.5 million per season. In the 2015 option year, Newton's salary will jump up to $14.67 million, according to CBSSports.com.

The 24-year-old Newton completed his third year with the Panthers in 2013, passing for 3,379 yards and 24 touchdowns with 13 interceptions in 16 regular-season starts. He added 585 yards rushing and six touchdowns on the ground in leading Carolina to the playoffs.