Software-Defined Networking (SDN) allows control applications to install fine-grained forwarding policies in the underlying switches. Ternary Content Addressable Memory (TCAM) enables fast lookups in hardware switches with flexible wildcard rule patterns. However, the performance of packet processing is severely constrained by the capacity of TCAM, aggravating the processing burden and latency issues. In this paper, we propose a hybrid TCAM architecture which consists of NVM-based TCAM (nvTCAM) and SRAM-based TCAM (sTCAM), utilizing nvTCAM to cache the most popular rules to improve cache-hit-ratio while relying on a very small-size sTCAM to handle cache-miss traffic to effectively decrease update latency. Considering the special rule dependency, we present a Rule Migration Replacement Algorithm to effectively make full utilization of both nvTCAM and sTCAM to obtain better performance. Experimental results show our proposed architecture outperforms current TCAM architectures.