While Farrell, son of England coach has been playing at inside for England in their opening two RBS 6 Nations matches, he has been earmarked as the future fly-half while he has assumed the kicking duties for the Red Rose, turning in a flawless display with the boot against Italy.
And Jenkins, whose Wales side arrive at Twickenham on Saturday, believes Farrell, like Wilkinson, will make the move to fly-half.
"Owen is obviously an outstanding talent," said Jenkins, Wales' record points-scorer. "He reminds me a lot of a young Jonny Wilkinson.
"When Jonny first stepped up at international level, he was a centre.
"Maybe in the long run, Owen might end up being a 10, so there are a lot of similarities.
"He is a very good goalkicker and a very good player [and] has got a good coach there with his father Andy."