Blend cream cheese, mozzarella cheese and whites of the green onions in a medium bowl. Scoop cheese mixture with an ice cream or cookie scoop and level off the top. Place olive in the middle of the cheese, hole side up. Fill hole with hot sauce then cover with a spoonful of cream cheese mixture. Mold into a ball and drizzle with more hot sauce. Repeat with the rest of the cheese.
In a small saucepan or deep fryer, heat oil to 350 degrees.
Gather three shallow bowls and place flour in one bowl, whisk eggs in another bowl and place panko bread crumbs in remaining bowl. Dredge a cream cheese ball first in flour, then egg and then in panko. Repeat flour, egg and panko steps 2 more times. Set aside and repeat with the rest of the cheese balls.
Fry cheese balls in batches of three or four at a time for about 2 minutes or until golden brown. Drain on paper towels. Slice in half or serve whole with marinara sauce on the side.