League sources told ESPN and NFL Media that Olsen's deal is worth $7 million and includes $5.5 million in guaranteed money. According to ESPN, Olsen also visited with the Buffalo Bills and Washington Redskins but felt most comfortable with the Seahawks.
Olsen became a free agent after the three-time Pro Bowl tight end and the Panthers mutually agreed to part ways on Jan. 30 after nine seasons. After his release, the veteran pass-catcher said he was still interested in playing in the NFL.
Olsen, who turns 35 in March, had 52 catches for 597 yards and two touchdowns last season. Since entering the league in 2007, he has tallied 718 receptions for 8,444 yards and 59 touchdowns with the Panthers and Bears.
Olsen became the first tight end in NFL history to record 1,000 receiving yards in three consecutive seasons (2014-16). He holds the franchise record for most receiving yards (1,104 in 2015) and receptions (84 in 2014) in a single season by a Panthers tight end.
The Seahawks were in need of a tight end this off-season with Will Dissly coming off a significant Achilles injury, his second major injury in as many seasons. Veteran tight end Ed Dickson is a possible candidate to be released after struggling with injuries, while Luke Willson and Jacob Hollister are scheduled to become free agents.