Federer's last Grand Slam victory came in 2012, and Djokovic is currently the world number one, but Cowan believes that the Swiss is currently playing some of the best tennis of his career.
"Roger is the overwhelming favourite against Novak Djokovic for me, because he is better player now than when he won his other Wimbledon titles and because there are so many things in his favour ahead of the final," Cowan told Sky Sports.
"Federer is serving better than he has ever served at Wimbledon – only losing serve once in his six matches - appears so self-assured and has worked himself through the tournament.
"Roger didn't panic when Stanislas Wawrinka was ripping winners past him in the quarter-finals and took the first set, and the fact he came through that match – and a crucial second-set tiebreak – proved he could play his best tennis when under pressure."
You can follow live text commentary of the men's Wimbledon final on Sports Mole from 1.30pm this afternoon.