Karlsson, who is fifth in the NHL among defensemen with 43 points (three goals, 40 assists) in 47 games, was scratched in a 6-3 loss to the Tampa Bay Lightning on Saturday with a lower-body injury after taking part in pregame warmups.
Defenseman Marc-Edouard Vlasic, who has missed the past eight games because of a wrist injury, took part in the morning skate and could play for the Sharks, who have lost two straight games (outscored 12-6) after winning seven in a row.
The Panthers will look to win their third straight game after going 0-5-2 in their previous seven.