Iwobi has become an important member of the Gunners side in what seems like the blink of an eye since making his senior debut in a Capital One Cup tie in October.
After making numerous substitute appearances and a handful of FA Cup starts, the 19-year-old was propelled fully into the limelight when he was selected to start by Arsene Wenger for the Champions League knockout round match against Barcelona at the Nou Camp last month.
Though the Gunners lost that game, Iwobi impressed with his mature performance, and scored on his first Premier League start three days later in a 2-0 win at Everton.
The Nigerian international followed that up with a second goal for the club in the 4-0 win over Watford, and has been tipped by uncle Okocha to be a huge star of the future.
The teenager, who previously admitted that he did not expect to get anywhere near the first-team picture at the Emirates this season, said he was humbled by that praise from the Nigerian legend but expressed his ambition to develop into an even better player than the former Bolton Wanderers man.
Iwobi told the club's website: "All my friends were asking if I saw what my uncle had said so I checked it out. It is crazy and I’m just happy I’m making him proud and hopefully I will be even better than him.
"He was at the Watford game and the Barcelona game. The fact he comes to watch shows it means a lot to him and he shows his support. It is good for me. [I get advice from him] almost weekly. He does tell me what I need to do and what I need to work on.
"He is always telling me that he knows a lot has happened and that I have come far, but he says to stay humble and that I will go far."
Iwobi has certainly got a prestigious figure to guide him and aspire to emulate; Okocha is generally regarded as one of the best Nigerian players of all-time, being named the country's footballer of the year seven times.
Though he is best-known in England for his four years with Bolton, during which he showed off his trademark skill set and free-kick ability, the 42-year-old also played for teams including Fenerbahce and Paris Saint-Germain during his career.