The 35-year-old kicked England to World Cup glory in 2003 and ended a glittering 17-year career by winning the European club title with French club Toulon earlier this year.
The knighthood would be recognition for his efforts away from the rugby field as well, with Wilkinson heavily involved in charity work in Britain and France where he played for five years.
He played 91 Tests for England between 1998 and 2011, as well as six Tests for the British and Irish Lions between 2001 and 2005.