The former Dinamo Zagreb man had already caught the eye of a few European giants with his displays domestically, but he has firmly risen to prominence with some stellar performances at Euro 2024.
Olmo was not a starter for Luis de la Fuente at the beginning of the tournament - losing out to Rodri, Fabian Ruiz and Pedri for midfield places - but he has well and truly stepped up in the absence of the latter since his knee injury.
Olmo boasts a joint-high three goals at the European Championships, firstly netting against Georgia in the last 16 before replacing the stricken Pedri against Germany and scoring the opening goal in that 2-1 quarter-final win.
The 26-year-old subsequently made just his second start of the tournament in Tuesday's semi-final with France, where he completed a terrific comeback with a sublime touch and strike, which deflected into the net off of Jules Kounde.
Chelsea, Liverpool 'unlikely' to move for Olmo
Olmo also boasts two assists at the Euros and appears nailed-on to start Sunday's final against England, which comes one day before a £50m release clause in his RB Leipzig contract expires.
According to The Mirror, the Bundesliga side are fearful that Olmo's £50m option will be triggered in the next few days, and clubs in both Spain and England are weighing up whether to activate the clause.
Chelsea and Liverpool have both been strongly linked with a switch for Olmo, and the Blues are said to have held discussions with his camp, but a deal is seen as unlikely at this stage.
Furthermore, Liverpool are not believed to hold a serious interest in the Spain international, as the Reds are instead prioritising other areas in the transfer market, notably defence and a new number six.
Should no interested party trigger Olmo's release clause by Monday, Leipzig will reportedly up their asking price for the 26-year-old - whose contract runs until 2027 - to around £60m or £70m.
Could Olmo return to Barcelona?
As neither Liverpool nor Chelsea are thought to be serious contenders at this stage, a return to Barcelona has been mooted for Olmo, who was in the La Masia youth system from 2007 until 2014 before joining Dinamo Zagreb.
La Blaugrana are already said to have made a verbal offer to Leipzig, but they cannot afford to pay Olmo's release clause in full and must therefore satisfy the German giants with a favourable payment structure.
Olmo himself has unsurprisingly been asked about his future amid his stellar Euro 2024 campaign, but he refused to give too much away, simply saying "we'll see" when asked what his next move may be.
The Spaniard has conjured up 29 goals and 34 assists in 148 matches for RB Leipzig since joining from Dinamo Zagreb midway through the 2019-20 season, including eight goals and five assists from 25 games in 2023-24.