The 18-year-old has made it to the round of 16 of the 2017 US Open after Britain's Kyle Edmund was forced to retire through injury. Shapovalov was leading the match two sets to one and Edmund suffered a neck injury in the fourth set, forcing him to pull out of the tie.
In the second round, Shapovalov registered a comfortable victory over eighth seed Jo-Wilfried Tsonga in straight sets. Wilander has highlighted the teenager's impressive skills saying that he has "the fire of Nadal" and "the grace of Federer."
"He is a serious talent. To be 100% honest, you cannot compare Shapovalov to any other youngster. He is a completely different level," Wilander told Eurosport.
"It's like watching a combination of Nadal and Federer at 18-years-old. He has the fire of Nadal and the speed around the court of Nadal and he has the grace of Federer - it's unbelievable.
"He really captivates the crowd. Last night it was like 'Oh my god, where does this kid come from?' He flies. I'm really, really impressed. The best players in the world better watch out for him now."
Nadal favourite to win 2017 US Open: Wilander
Despite praising Shapovalov, Wilander still believes Nadal, the current world number one, is the favourite to win the 2017 US Open, ahead of Federer, who won the the Australian Open and Wimbledon earlier this year.
"Rafa is still my favourite and will be the one who impresses the most in the opening rounds because he's coming in to the tournament healthy," the Swede explained.
"He's won here twice and he's in to the tournament, has good practice behind him, is serving harder than last year, he's adjusted his backhand and looked really good in the first match.
"Federer will improve all the way through but the chances are Rafa will stay at a high level all the way through the tournament."