Dimitrov beat defending champion Andy Murray in straight sets to set up the meeting with the number one seed, and the Serb believes that the 23-year-old typifies the next generation of players coming into the men's game.
He told reporters: "Dimitrov deserves respect. To beat Andy on grass is a very, very difficult challenge.
"I'm sure many people look on him as a potential Grand Slam winner, maybe here, maybe in the Slams to come.
"We have these youngsters coming up, fearless on court, hitting the ball, not caring who is across the net. It's good. A new generation that is able to challenge the best."
Djokovic faces Dimitrov on Centre Court later today.