The All-Pro spent the last eight seasons with the Carolina Panthers before being released this offseason and signing with Seattle on a one-year, $7 million deal.
It's no surprise that Olsen will enter the broadcasting booth as the 35-year old has spent plenty of time as an analyst in recent years including the Super Bowl pre-game show, select playoff games, the NFL Combine and most recently, XFL games.
Olsen will announce alongside Kevin Burkhardt, with former No. 2, Charles Davis leaving the network this offseason for CBS.
In January, it was reported that Fox Sports would offer Olsen a contract if he decided to retire but will now have him locked up for when that day comes.
The deal is similar to what New Orleans Saints quarterback Drew Brees recently did, signing with NBC following his retirement.