The 19-year-old, who made his Saints first-team debut last season, will remain at Huish Park until at least January.
Olomola graduated through Arsenal’s youth system before being snapped up by the Hampshire side in 2014, despite interest from West Ham and Newcastle United.
In 2015/16 the young forward notched seven goals in 24 appearances for the under-18s, before signing a two-year professional contract in May 2016 having also represented the under-21s aged just 17.
Also capable of operating out wide, Olomola enjoyed outings in the Checkatrade Trophy for the under-23s during the 2016/17 campaign, scoring two goals in three appearances with strikes against Crawley Town and Colchester United.
Having been named on the first-team bench on several occasions including Southampton’s Premier League clash with Leicester City and Europa League tie against Hapoel Be’er Sheva, Olomola made his professional debut in October last year as Saints saw off Sunderland in the EFL Cup.
Highly-rated by Southampton manager Claude Puel, Olomola becomes manager Darren Way’s sixth summer signing.
“He’s a fantastic young talent who’s been involved with Southampton’s first-team,” Way told YTFC.net.
“He is a strong footballer with very good pace and has scored some very good goals at under-23 level. Welcome to Yeovil, Fela.”
Would you like to sponsor Fela this season? Please contact Commercial Manager Dave Linney on 01935 847872 or email DLinney@ytfc.net.