Police Scotland said they received a report of suspected sighting of the panther at around 9.15am on Friday in fields near to the B730 road between the villages of Drongan and Coalhall, East Ayrshire.
Residents have been advised to be vigilant and officers are currently trying to trace the animal. The force said in a statement:
"Residents in Drongan and Coalhall are being advised by officers to be vigilant after a report has been received of a sighting of what is believed to be a black panther in the fields near to the B730 between the two villages.
"Officers are currently working to locate the animal which may be injured.
"The area is popular with dog walkers so care should be taken and if anyone sees the animal we would ask you not to approach it, but to contact Police via 101 quoting incident number 0780 of Friday 19 October 2018."