Olofsson, who leads NHL rookies with 16 goals and 35 points, will be out 5-6 weeks after sustaining a lower-body injury in the third period of a 3-2 overtime win against the Edmonton Oilers on Thursday.
Rasmus Asplund is expected to replace Olofsson on the top line for the Sabres, who are 1-4-0 in their past five games and 2-6-1 in their past nine.
The Panthers, who are coming off a 6-3 win against the Ottawa Senators on Thursday, have won six of their past eight games and are 9-for-29 (31 percent) on the power play during that span.