GETTY
Olmo, 19, has represented Spanish youth national teams, but recently gained Croatian citizenship.
The youngster can play on either wing or behind a striker, and according to 24 sata, Wenger likes what he sees.
But he carries a goal threat himself as illustrated by his record in the Croatian league.
Olmo has scored four times and produced five assists in 17 Croatian First Football League games.
Spain reportedly intend to call him up to their U-21 side in the near future to avoid the teenager pledging his international future to Croatia.
Wenger will face competition for Olmo, with three other English sides reportedly interested.
GETTY
“His physicality is a big asset and essential for him to be successful in the Premier League”
Antonis Nikopolidis
Arsenal have already made one signing in the January transfer window.
20-year-old Greek defender Konstantinos Mavropanos is Wenger’s latest recruit, a snip at around £2m.
Antonis Nikopolidis, the former Greece international goalkeeper who is the Greece Under-21 coach, told the Guardian he believes the young defender has what it takes to succeed in the Premier League.
“He has a lot of potential,” Nikopolidis said. “He is young and very strong.
Arsenal player ratings vs Chelsea at home
Arsenal FC
“His physicality is a big asset and essential for him to be successful in the Premier League.
“He’s a player who is constantly developing, and he has made tremendous progress over the last few years.”
Arsenal face Nottingham Forest in the FA Cup on Sunday (4pm).