The Detroit Red Wings forward had missed a month before returning for one game Jan. 26. Franzen played just under 17 minutes and was placed on injured reserve again Tuesday.
Red Wings teammate Gustav Nyquist, Marcus Johansson of the Washington Capitals and Patrick Hornqvist of the Nashville Predators are considered favourites to replace Franzen on the roster.
Franzen was one of a handful of players back from the Swedish team that won gold at the 2006 Games in Turin. He also represented Sweden in Vancouver in 2010.
The 34-year-old has nine goals and 14 assists in 31 games this season. In addition to the concussion, he missed time earlier in the year with an upper-body injury.