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In the late 1930s, Walther experimented with the idea of an Olympia target pistol in .32 ACP. They used the frame from a 1936 pattern standard (.22LR) Olympia with a .32 caliber barrel, increased mass slide, and magazine adapted from a Walther PP. The project never progressed beyond the toolroom sample we have today, probably due to a combination of less-than-huge market demand for such a gun and the increasing military production Walther was undertaking.

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