The forward was injured in the third period of a 3-2 overtime win against the Edmonton Oilers on Thursday after he fell awkwardly in the corner.
"What coaches need to do is you look at what you have not what you don't have," Sabres coach Ralph Krueger said after practice Friday. "You just work with that group and that's what experience does for that part of your brain. There's no room for emotion in this situation."
Olofsson leads all rookies in goals (16) and points (35), and is second on the Sabres in those categories, trailing center Jack Eichel in each (26 goals, 54 points).
Forward Rasmus Asplund is expected to replace Olofsson on the top line with Eichel and Sam Reinhart when the Sabres (18-17-7) host the Florida Panthers at KeyBank Center on Saturday (1 p.m. ET; MSG-B, FS-F, NHL.TV).
"I don't know if that's the case tomorrow, but if that's the case, I'm just going to try to enjoy (it) as much as possible and bring my game to Jack and Sam and get the game I'm used to playing and see what I can do for those guys," Asplund said.
Buffalo is also without forward Jeff Skinner; it was announced last week he will be out 3-4 weeks because of an upper-body injury.
"You need to put the best possible group together to compete against Florida tomorrow and deal with Victor as a separate issue until he returns," Krueger said. "He will be gone for a few weeks now, we know that for sure. Of course he has been a very important catalyst to the good things that are happening here in the team and we need to fill that hole. Guys need to step up as we had the same situation with Jeff [Skinner]. It's definitely a challenging situation but we'll pull together and fill that hole."
NHL.com independent correspondent Heather Engel contributed to this report
