Olsen, 34, had one year left on his deal, which would have cost $11.6 million in 2020, but is now free to sign with another entity -- in football or in television.
While the tight end indicated in his statement that he still has "love of football" and could sign with a competitive organization in the coming weeks, Olsen has explored a second career in football broadcasting, most recently playing pregame studio analyst for Fox Sports.
Before he makes a decision one way or the other, Olsen will do his due diligence. NFL Network Insider Ian Rapoport reported Monday that Olsen is set to visit the Buffalo Bills and Washington Redskins this week. Both clubs are led by former Panthers -- Sean McDermott and Brandon Beane in Buffalo and Ron Rivera in D.C. Rapoport later added the Seahawks are another team Olsen plans to visit.
For his career, Olsen has 718 catches for 8,444 yards and 59 touchdowns -- 524 of those catches, 6,463 of those yards and 39 of those touchdowns came as a Panther.