A suspected sighting was reported at about 8.45am on Friday in fields near the B730, a road between the villages of Drongan and Coalhall in East Ayrshire.
Residents are being urged to remain vigilant as officers try to trace the animal, which may be injured.
Image: The B730 between Drongan and Coalhall
An animal expert has also been brought in to help confirm the panther‘s identity.
According to local media, a helicopter has also been dispatched in the search.
Scottish SPCA Animal Rescue said: “We have liaised with Police Scotland and informed them that we are unequipped to deal with such animals and therefore will not be involved in investigating the incident.”
Image: No confirmed sighting of a panther just yet – but there are definitely alpacas in the area
The area is popular with dog walkers and there are two schools in Drongan.
Local business owner Alan Green‘s upholstery firm overlooks the fields where the panther sighting was reported.
He said: “I‘ve not seen it personally but where it‘s supposedly been sighted is just out the back of my workshop.
“I‘ve seen the police helicopter up and roundabout.
“I‘m not unduly concerned. When I first heard about it thought ‘a black panther here?‘ but maybe it could be true.”
Image: Residents of Drongan are being urged to stay vigilant
Some on social media saw a funny side to the news, joking it could be part of filming for a sequel to the Marvel movie Black Panther and sharing clips from the film.
In September, a in the River Thames in Kent.
Last October, a Eurasian lynx as shot dead after .
:: Anyone who believes they have seen the animal is asked to Police via 101 quoting incident number 0780 of Friday 19 October 2018.