The Sweden international is rumoured to be on the radar of three top Premier League clubs, with Arsenal, Liverpool and Tottenham Hotspur all alerted to his rise in the Bundesliga.
Born a few weeks after Arsenal won their last Premier League title in the 2003-04 season, the 20-year-old has already made 54 appearances for Die Adler, contributing five goals and three assists.
Larsson has three goals and one assist under his belt from 16 appearances in all tournaments during the current campaign, while also winning eight caps for the senior Sweden side over the past year.
Frankfurt - who signed Larsson from Malmo for €9m (£7.5m) in 2023 - still have the Scandinavian sensation under contract until the summer of 2029, having tied him down to a renewal as recently as October.
Arsenal scouts 'approve' move for Larsson
However, TEAMtalk reports that the 2021-22 Europa League champions accept that they are fighting an uphill battle to retain his services, and they would not stand in his way of moving on for the right price.
Arsenal have supposedly been conducting regular checks on Larsson, and Gunners scouts have provided Mikel Arteta with glowing reports on a player who is as competent technically as he is defensively.
Despite adding Mikel Merino to their ranks over the summer, Arsenal reportedly want to bolster their engine room with youthful talents, as both Thomas Partey and Jorginho are in their 30s and out of contract next summer.
The Gunners will face particularly stiff competition from Liverpool, though, as the Reds apparently view Larsson as a natural successor to Wataru Endo, who has only been a bit-part player under Arne Slot so far.
Italian giants AC Milan could also throw their hat into the ring, though, and a recent thigh injury has the potential to scupper a possible January transfer, even if he is likely to be back at some point around Christmas or the New Year.
Could Spurs have an ace up their sleeve in Larsson pursuit?
While Arsenal and Liverpool would immediately be able to offer Larsson Champions League football - for as long as they are in the 2024-25 edition - Spurs could have a trump card in negotiations with the player.
The Lilywhites already have one Swedish sensation in their ranks in the shape of Lucas Bergvall, who was alongside Larsson in the national team squad during September's round of fixtures.
Bergvall is yet to establish himself as a regular first-team starter for Tottenham, but he has made 10 appearances in all competitions and has started all four of their games in the Europa League.
Having a compatriot of a similar age at the club would be a huge help to Larsson when it comes to acclimatising to the Premier League, although Spurs may be reluctant to meet his £66m price tag in January.