Olmo is understood to be able to clubs at a price of €60million (£50m) up until July 20, at which point this expires, and Arsenal are among those to have been linked with the 26-year-old.
A latest update has suggested Manchester City have "ruled out" a move for the Spanish star, with Chelsea too not believed to be in the running.
One side said to be studying a deal for Olmo is Barcelona, having held "direct talks" with Leipzig prior to the start of Euro 2024. Olmo spent seven years with the Spanish giants between 2007 and 2014 at Academy level before leaving the club at 16 to sign for Dinamo Zagreb.
Bayern Munich and Manchester United have been named as two clubs to watch out for in this transfer race, though Arsenal's standing in this battle is yet to be clarified.
It is claimed Leipzig may be willing to negotiate with teams even after Olmo's release clause expires next week and on "similar terms" to his current valuation.
Addressing his future at the start of Euro 2024, Olmo told Mundo Deportivo: "I am calm and focused on what is coming, which is the Euro, which is no small thing. It is clear that it is good to see your name related to great teams in Europe and the world, that motivates me, but I am focused on the Euro and I hope we can return with the trophy.
"Then we'll see. It's nice to see your name related to the greats, but I insist, it's nothing that bothers me. I am focused on the field and then whatever has to be, will be."
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