Brad Biggs/Chicago Tribune broke the story that Carolina has traded for the former Miami Hurricane and Chicago Bears star.
The 6'5, 255 lb Olsen was a 1st round pick from Miami the same year Carolina drafted Jon Beason in the same round, from the same school. Both players were rumored to come to Carolina at the 14th pick, where Carolina was slated to pick. The team was reported to be in love with both players, and after a trade down (that netted Carolina Beason and fellow Pro Bowler Ryan Kalil, and the Jets CB Darelle Revis), they grabbed Beason at 25. Olsen, who had apparently grown up knowing John Fox, went 31st.
Now, Carolina has them both. Olsen, who caught 194 balls for 1981 yards and 20 TD in four years, had a high of 60 receptions, 612 yards, and 8 TD in 2009. He played for OC Rob Chudzinski in 2003 (Chudzinski, a TE, was a TEs coach there before he was Miami's OC that year), so he was certainly recruited by him as well. In Miami, and through his career in Chicago, Olsen has played in the Coryell offense, which has almost universally bred the greatest tight ends (though last year's Martz version pulled Olsen's productivity down, as it's never been very TE - centric).
So, he'll certainly have familiarity with what Carolina wants to do on offense, and will have Jeremy Shockey on board to aid in making things happen in the downfield routes and option routes/dumpoffs involved in working the middle of the field.
Olsen's expected to sign a new contract, and no details are available excepting that it involves a player (but not Steve Smith) and a draft pick (likely conditional, in 2012).