In bowl, mix together panko and cheese. In another bowl, whisk eggs just until blended.
Toss olives in flour, shaking off excess in strainer. Coat olives with beaten egg, then toss in panko mixture. Coat in eggs and panko again. Place breaded olives on parchment-lined sheet pan in one layer; refrigerate until needed.
Deep-fry olives in hot (350°F) oil about 2 minutes or until golden brown. Drain on paper towels.
Tip: Use pitted olives stuffed with garlic or pimento.