The 20-year-old instead joined the Glovers on loan until January from the Premier League outfit, and has proved a revelation at Huish Park.
Olomola has scored five goals in 10 games for Town and Way is delighted with the contribution he has made as well as the rest of his attackers.
“He’s been very good,” he told iFollow Glovers.
“He’s made a good impact considering he has no league experience. Some of his finishing in certain areas of the pitch have been very good and very clinical and that’s what you need.
“This year has probably been the best in a long time where we’ve been scoring and look a threat going forward, apart from one or two games.
“I did try and sign Fela on a permanent, and I did try and sign him again before the window had closed so I have tried!
“His form means he’ll cost more so I’ll have to ask for more money!”
Another loanee caught the eye of Way for his display in the midweek win at Chesterfield.
Matt Worthington made his full league debut at the Proact Stadium as Yeovil grabbed a last-gasp victory.
Way said: “A 19-year-old lad coming in and playing against Chesterfield is not an easy task especially after the home game where the environment was a little bit up and down.
“I thought he handled his first league start with an aura. He had a little bit of arrogance which I like in the right way and he showed courage to get on the ball which was very, very pleasing.”
Injured Bevis Mugabi has “made a massive improvement in the last four or five days”, while midfielder Connor Smith hopes to overcome illness to face Colchester United on Saturday (3pm).