You can at least do something similar, at least in some cases.
It is not a magic ability necessarily, but yes: Barring olfactory fatigue, you can concentrate on a specific scent to help single it out.
It's the same with listening; if you observe a group of sound sources, it is sometimes possible to focus on the sound produced by one of the sources. If you are not totally overwhelmed by sound, you can pick out a person's voice in a noisy room enough to have a conversation, by specifically looking at the person and concentrating on their voice. It will seem to separate from the crowd a little better. I have had limited success with this in other situations as well.
With eyesight, the concentration is more about the elimination of other distractions.
This does not make any sense actually more acute; it is a way to tune concentration to a specific stimulus at a moment.