Obviously the character could be Flash Thompson, which a lot of people aren't too thrilled about if true.
The notion that Tony Revolori is Flash Thompson in Spider-Man: Homecoming seems to hold up as the initial description of the character stated Revolori is playing Peter Parker’s nemesis/enemy at high school, but not playing a super villain. In addition, Revolori confirmed he's Peter Parker's bully.
In the comics and previous movies, Flash Thompson is known to be a buff white dude (played by Joe Manganiello in the Sam Raimi movies) who is the football star and bullies Peter Parker. Following high school graduation, Flash enlists in the Army and eventually is paired with the Venom symbiote.
We see Marvel Studios has gone a vastly different route with Tony Revolori as he's of Guatemalan descent. We might be able to speculate that instead of being a physical bully, Revolori's Flash might be a mental bully -- perhaps Peter Parker's intellectual rival at high school.
That said, with Tony Revolori apparently playing Flash Thompson, a fan went out and created art of the actor's likeness with the Venom symbiote.
Tony Revolori posted the art on his Instagram account adding: "Some really dope fan art that I had to share. @chickenz_punk thank you this is amazing," and included the hashtags: "#flashthompson" and "#spiderman."
"Spider-Man: Homecoming" has a July 7, 2017 release directed by Jon Watts starring Tom Holland, Zendaya, Michael Keaton, Donald Glover, Jacob Batalon, Laura Harrier, Tony Revolori, Tyne Daly, Bokeem Woodbine, with Marisa Tomei, and Robert Downey Jr.
A young Peter Parker/Spider-Man (Tom Holland), who made his sensational debut in Marvel Studios' "Captain: Civil War," begins to navigate his newfound identity as the web-slinging superhero in "Spider-Man: Homecoming."