The 18-year-old striker has been strongly linked with a move to the Gunners after an impressive breakthrough campaign in the Championship.
Lookman has four goals to his name in 20 appearances and has often been a bright spark in a season to forget for relegation-threatened Charlton.
Arsenal's scouts have reportedly been keeping tabs on the pacey forward all season - and Holloway admits he wouldn't be surprised by the interest of Gunners manager Arsene Wenger.
"They'll do well to keep Lookman in the summer. He's going to be a sought-after commodity," said Holloway, Sky Sport's Football League expert.
"The vultures will be circling around him. He reminds me of Joel Campbell at Arsenal. It wouldn't surprise me if Arsene Wenger is interested.
"He's very, very quick and has a sharp brain. He throws a shoulder one way and then he's gone, a bit like Wilfried Zaha.
"Both of them can tie people in knots when they get you one-on-one. Lookman is good enough to picked up by one of the top clubs in the Premier League."