Iwobi feels the Gunners can cash in on the 'funniest guy he knows' but doesn't see it happening in the coming months.
The 20-year-old hailed his companion with the City forward and disclosed why he would love to see him in Arsenal's traditional red and white jersey.
‘I tell you, you should see us [him and Iheanacho] on Snapchat! Always bantering," Iwobi told Daily Mail.
"We’re roommates right now and he’s just the funniest guy I know.
'We do get on well off the pitch as well as on the pitch.
"Maybe I can try to convince Arsenal to sign him – but I don’t think that’s going to happen."
Iwobi amazed everyone when a video of him speaking fluent Pidgin English was posted on Twitter by teammate Ogenyi Onazi.
And reacting to how he has learned to speak the prevalent language in the Super Eagles' camp, he said: "Everyone could speak English, I’d get along fine, but they’d all say, “come on, you need to learn your language”. So yeah, I’ve learned a bit, which helps.
''When I first went I felt like I’m an alien! I know they used to take the mick out of me, and I didn’t know what they were saying. But now I can understand!"