
Iheanacho who recently became the first Nigerian to score in the Manchester derby made the list having scored 10 goals in the 2015/2016 season and has three so far in the ongoing 2016/17 season.
Iwobi got into the Arsenal first team last season, scoring two goals and has become a regular for the Gunners this season.
The Golden Boy Award is meant for the best player under the age of 21 who play in a European nation’s top division.
Manchester United’s Marcus Rashford also made the cut.
The 18-year-old talent has enjoyed a stellar 2016 since making his Manchester United debut in February, including becoming an England international.
Tottenham also have a representative in England international Dele Alli. The 20-year-old scored 11 goals last season as Spurs finished third in the Premier League.
There are three representatives from Chelsea (Ruben Loftus-Cheek, Andreas Christensen and Nathan), while Manchester City have two (Kelechi Iheanacho and Leroy Sane).
Leicester City’s Demarai Gray and Liverpool’s Marko Grujic complete the list of 10 Premier League-based players on the 40-man shortlist.