Schefter shared a report from his colleague Chris Mortensen on Monday noting Olsen will undergo surgery on the foot and was expected to miss six to eight weeks of action.
According to Max Henson of the Panthers' official website, Olsen can return to practice after six weeks and game action after eight weeks on the IR. Henson also noted rookie fullback Alex Armah was elevated from the practice squad to Olsen's active roster spot.
"The only thing that he has to do now is heal," head athletic trainer Ryan Vermillion said, per Henson. "I know Greg will be around and he'll be involved. He's a team guy. He'll try to do everything he can to help this team continue to win."
Olsen is a three-time Pro Bowler and a security blanket for quarterback Cam Newton. He has three catches for 28 yards through the first two games this season and is coming off his third straight season with more than 1,000 receiving yards when he tallied 80 catches for 1,073 yards and three touchdowns in 2016.
Look for Ed Dickson to slide into the primary starting role while Olsen is out, while Chris Manhertz will provide depth at the tight end position.