The hermit kingdom has come out of its shell to participate in the games, which have included high profile visits from the Supreme Leader’s sister Kim Yo-jong and the North Korean cheerleading squad, as well as an inter-Korean hockey team who walked under a unified flag.
And during the games the South’s leader Moon Jae-in welcomed an invitation to talks in Pyongyang, offered by Kim Jong-un himself.
Now experts believe the two men, with the help of a delicate US response, could broker peace in the region and use the momentum of the Winter Olympics to freeze Kim’s nuclear programmes.
Chung Dong-young, who previously worked as South Korea’s unification minister and negotiated with the young tyrant’s father Kim Jong-il, claimed the dictator could be more amenable to talks due to his international experience – having studied in Switzerland in his youth.
Speaking to the Telegraph, he said: “His father was brought up within North Korea and he was afraid of heights and to fly, while Kim Jong-un went to middle school in Bern and we’ve heard that he’s been travelling all across Europe on a Harley motorbike.
“So he’s very well acquainted with the outside world and I think it is possible to have a dialogue with him.”
“In my opinion Mr Moon will go to Pyongyang and he must go,”
However the former South Korean official advised his nation’s leader to demonstrate “the wisdom of a fox and the decisiveness of a fierce beast”.
One sticking point between the Koreas and the international community is expected to be the idea of a “freeze for freeze” deal – which will see the South and the US cease military drills in the region while the North stops military provocations.
The US has previously refused any such deal – however experts believe a “freeze plus” solution may remedy any conflict between the two sides.
Defining the “freeze plus”, North Korea expert Dr Tony Michell said: “It is where the negotiations come in, as the US might want IAEA (International Atomic Energy Agency) inspections, plus other issues, up to the US to compile a list.
“On top of this, the South might want some guarantee for family reunions, and then obviously the North Koreans would want some relaxation of humanitarian sanctions and they’d want a statement of peaceful intention from the US.”
Analysts will be keeping a close eye on the US response to the diplomatic effort, particularly when it comes to Donald Trump’s “four major strategic assets” – B-52 bombers, stealth warplanes, nuclear-powered submarines and aircraft carriers.
Professor at Seoul’s University of North Korean Studies Yang Moo-jin claims the use of the US assets in future military drills, scheduled for after the Olympics, could tip the diplomatic balance.
He said: “If it does include the four strategic assets, North Korea is likely to show a countermeasure force, showing an equal demonstration of its military capacity.
“This would return the Korean peninsula to a state of tension.”
However he claimed if they were not sent to show the power of the US military to Pyongyang “in May dialogues will resume and also exchanges and co-operations”.
Meanwhile President of the Korea Association of DMZ Studies Son Gi-woong suggested Mr Trump should send another of his strategic assets – his daughter and senior advisor Ivanka Trump.
Mr Son claimed she could meet with Kim’s sister next week when she visits the Olympics for the closing ceremony to help quell conflict in the region.
Speaking of the dictator’s sibling, he said: “She could come back. Why not?”
“If Kim Yo-jung could meet Ivanka then there can be indirect dialogue and it can prepare an important next step for a summit.”