Olomola, 19, made his debut for the Saints in the EFL Cup last season and scored twice for the Premier League club’s under-23 team in the Checkatrade Trophy.
But he is excited about the challenge of playing senior football with the Glovers.
Olomola told the Southern Daily Echo: “This is my first time at first-team football, so I’m excited to see if I’m ready for the step up, but I have great confidence in my own ability and I believe I'll be able to do great things for this football club."
Lincoln City have also looked to the top flight for the season-long loan signing of Jordan Maguire-Drew from Brighton.
The 19-year-old winger had a spell on loan at Dagenham & Redbridge last term, netting 15 goals in the process.
"He has an unbelievable left foot, and he’ll help us improve on the pitch as we lacked a bit of left-sided balance last season.
Alex Lawless has moved to Vanarama National League outfit Leyton Orient on a two-year deal following his release from Yeovil.
The experienced midfielder has become new Orient boss Steve Davis’ first signing after the former Crewe manager was handed the reins yesterday.
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