He will sign the same day as former Panthers LB Thomas Davis, as the two will be honored together as some of the best players in franchise history.
Olsen announced his retirement a few weeks ago as he transitions to a broadcast career after football.
Olsen, 35, is a former first-round pick of the Bears back in 2007. He played four years for Chicago before he was traded to the Panthers in 2011.
Olsen played out the final year of his two-year, $17 million extension with the Panthers before signing a one-year, $7 million deal with the Seahawks last offseason.
For his career, Olsen appeared in 199 games for the Bears, Panthers and Seahawks and caught 742 passes for 8,683 yards receiving and 60 touchdowns.