"Residents in Drongan and Coalhall are being advised by officers to be vigilant after a report has been received of a sighting of what is believed to be a black panther in the fields near to the B730 between the two villages," police wrote in a Facebook post.
"Officers are currently working to locate the animal which may be injured," the post said.
Police warned that the "area is popular with dog walkers."
"Care should be taken and if anyone sees the animal we would ask you not to approach it, but to contact police," the Facebook post said.
The Scottish Society for the Prevention of Cruelty to Animals said it was contacted about the sighting, but officials advised police that they were not equipped to deal with such an animal.
Police said the area was being searched by a helicopter and an animal expert was called in to attempt to conclusively identify the animal.
