The 19-year-old, who is believed to have agreed a new contract at the Emirates, has scored twice in in his last four games.
Should Iwobi be selected for the Olympic Under-23 team, then the latest that he will be participating will be August 10, three days before the start of the Premier League season.
"I am looking forward to the forthcoming Olympics and if I am invited, I will do my best to make a meaningful contribution," Iwobi told Goal.com.
"I believe that Nigeria has a crop of excellent players who are capable of doing great things at the Olympics. Coach Samson Siasia deserves a lot of praise for securing a place for the nation at the Olympics."
Iwobi recently opted to play internationally for Nigeria as opposed to England.