Olsen, who re-injured his surgically repaired right foot Sunday against the Buccaneers, was placed on injured reserve Wednesday.
"We got as much out of it as we could have," Olsen said after the game. "Finally my foot just had enough."
In this year's season opener, Olsen broke the same bone in his foot that cost him nine games in 2017, but he was able to return to the lineup after missing just three games.
His totals on the year include 27 catches for 291 yards and four touchdowns in nine games played.
"It's just tough – to go 10 years and not really have anything and now one little injury stalling me for the good part of two seasons is frustrating," said Olsen, who played in every game over the course of nine seasons prior to breaking his foot in 2017.
After the loss to Tampa Bay, the three-time Pro Bowler was asked if this latest setback could be career-ending.
"I feel like it's always easy to jump to decisions when you are feeling down or frustrated. We'll come to that," Olsen said. "I have to get this foot put back together. It's been a long time since my foot has been normal."
Wide receiver Mose Frazier was promoted from the practice squad to fill the open spot on the active roster and wide receiver DeAndrew White was subsequently signed to the practice squad.
The Panthers made an additional practice squad move, signing safety Kai Nacua and releasing cornerback Josh Thornton.