Kounde was strongly linked with a move to Chelsea over the summer, but the Blues could not come to an agreement with the 22-year-old's La Liga club over a transfer fee.
Man United are allegedly prepared to pay the £69m release clause in the France international's contract to bring him to Old Trafford in 2022.
Meanwhile, Olmo is reportedly still a target for the 20-time English champions, and the Spain international, who is also being linked with a return to Barcelona, is believed to be keen on a move to the Premier League.
There has been talk of January moves for both players, but it seems more likely that Man United will attempt to sign the duo during next summer's transfer window.
Here, Sports Mole takes a look at how Ole Gunnar Solskjaer's side could line up if both Kounde and Olmo make the move to Old Trafford.
If Man United persist with a 3-5-2 formation, with or without Solskjaer, then Kounde could form an impressive defensive unit with Raphael Varane and Harry Maguire, but the latter's spot would be in danger if a change to a back four is made, with the captain currently underperforming.
There has been talk of Jadon Sancho potentially being used as a right-sided wing-back due to Aaron Wan-Bissaka's struggles, and it is certainly an experiment worth exploring, with the England international boasting the energy and tactical awareness to thrive in that area of the field.
Olmo's position in this particular XI would be interesting, as the Spaniard is capable of operating in a number of different areas, including as one of the attackers in a 4-3-3 formation.
Arguably, though, the 23-year-old's best position is in a central attacking role, where he can influence proceedings from a deeper area, and the former Barcelona youngster has managed to contribute 12 goals and 14 assists in 67 appearances for Leipzig in all competitions.
Paul Pogba's exit, which seems almost certain, would allow Olmo to feature alongside Bruno Fernandes and Scott McTominay in a midfield three, with Marcus Rashford and Mason Greenwood battling for the spot alongside Cristiano Ronaldo in the final third of the field.