The 20-year-old fly-half or centre is set to replace Wilkinson, who has retired from international rugby, in England's new-look 32-man squad for the Six Nations.
Harlequins pair Mike Brown and Chris Robshaw are both expected to be recalled tomorrow while Northampton flanker Callum Clarke has been name-checked by interim coach Stuart Lancaster more than any other player.
Farrell may be yet to complete a full season in the Aviva Premiership but he was pivotal in the club's victory over Leicester in last season's final.
The flattering comparison was made by the former England and Lions flanker Richard Hill, a man not known for hyperbole who has worked with Farrell at Saracens.
Hill won the World Cup alongside Wilkinson in 2003 and sees a very familiar drive and determination in Farrell.
"You are dealing with a kid who is very, very determined. He has a great work ethic, constantly wanting to improve his analysis and understanding of the game," said Hill.
"He has the ability to play 10 and 12. He will tailor his game and improve his game constantly.
"He is one of these characters who is almost obsessed, in the most positive way, with being a better player."
Asked whether he would compare Farrell with Wilkinson, Hill continued: "There are definitely the same characteristics. Both are self-driven with a strong desire to be the best, they are not prepared to accept other peoples' perception of where they could get to."
Farrell has been tipped to start England's Six Nations campaign in their problem position of inside centre but he has shone on the Premiership and European stage at both fly-half and outside centre.
Hill has been aware of Farrell's potential for a long time, as has the Harlequins director of rugby Conor O'Shea who once saw him dominating an England Under-18 training session at the age of just 14.
"The challenge for Owen coming up through the academy was: what level do you throw him up to, to provide a challenge but make sure he is safe?" said Hill.
"'What team can he play for to try and ask different questions, without throwing him in too early and without it being too physical?"'
With Toby Flood struggling for fitness, Farrell could start at inside centre with his new Saracens team-mate Charlie Hodgson at fly-half.
England may also give themselves the option of Brad Barritt or Harlequins' Jordan Turner-Hall at inside centre. But if selected Farrell would be England's likely kicking option.
He kicked 17 points at Twickenham in May as Saracens beat Leicester to win their first league title.
"In relative terms he was cool as a cucumber going into that Premiership final (as a fly-half)," Hill said.
"Charlie Hodgson arrived as the Premiership's all-time points scorer but Owen has the confidence to say 'I'll have the ball'.
"He is kicking more regularly than Charlie does."
Lancaster is looking to build a new culture within the England squad, following the disappointment of a World Cup campaign dogged by controversy.
England will be looking to tap into Saracens' success on that front, with head coach Andy Farrell being seconded to work alongside Lancaster and Graham Rowntree.
But for all Saracens' young talent, Hill believes the one man who would help drive that culture into the England set-up was abandoned by his country two years ago - Steve Borthwick.
Hill believes the 32-year-old would be an ideal captaincy candidate for Lancaster
"I would argue his performances have been pretty outstanding for Saracens this year. I honestly believe he has improved as a player as well. Why wouldn't a new regime who are looking to perform and act in a certain way want to look at him?" said Hill.
"He is a passionate rugby player who wants to play at a higher level. He is unrelenting in terms of how he acts at the training ground, never wavering in how he conducts himself.
"Leadership-wise, if you are trying to promote a culture within your club or internationally and the coach's points are quite clearly the way forward, that would mean Steve has bought into them.
"Then Steve will promote them. That is another voice all pointing in the right direction."
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