There are no plans for Olsen to undergo surgery at this time, Panthers head athletic trainer Ryan Vermillion said in a statement. The team will evaluate Olsen's progress on a monthly basis, with the hope he returns this season.
"To say that I am disappointed in this development would be an understatement," Olsen wrote in a note he posted on Twitter. "I believe my greatest career achievement has been my ability to play every game for over a decade. Unfortunately, the last two seasons have not continued that trend."
Olsen was limited to seven games last year as the result of a broken right foot, which he had surgically repaired. Prior to last season, Olsen reached 1,000 receiving yards in three consecutive years.
Olsen, 33, has 641 catches for 7,589 receiving yards and 53 touchdowns across his 12-year career. He signed a two-year extension with the Panthers in the offseason worth up to $20.1 million.
"We are optimistic this is not how my 2018 season will end," Olsen continued in his note. "After consulting with our medical team, we have determined our best course of action is to press forward with my rehab in hopes of playing again this season.
"We will re-examine our options this offseason in regards to my foot and our path forward. I look forward to rejoining my teammates on the field as early as possible."
Rookie Ian Thomas is expected to start in Olsen's place. Head coach Ron Rivera told reporters Monday that he feels Thomas has a good rapport with quarterback Cam Newton.
"I think he's pretty prepared," Rivera said. "There are still some things he has to learn. He's got a long way to go in terms of having that natural feel."
The Panthers also announced offensive tackle Daryl Williams has had surgery recommended to him for the right knee injury he sustained when a Cowboys player fell into the side of his knee on Sunday.
Williams was carted off the field as the result of the injury, which occurred to the same knee that he suffered a dislocated patella tendon and torn MCL in during training camp. Williams, 26, started all 16 games for the Panthers last season.
--Field Level Media