Gauff is due to play former world No 1 Simona Halep in the fourth round on Monday at the age of only 15 after a thrilling comeback win over Polona Herzog in round three.
She also beat Venus Williams in the opening round at SW19 and experts are now tipping her to earn more than $1million (£800m) before her 16th birthday.
Gauff could even be earning close to £100m a year once she has reached her full potential to suprass the likes of Serena Williams who remains the only woman in the Forbes list of top-earning athletes.
Speaking to the Sunday Times, Nigel Currie who is an expert in the field of sports marketing and sponsorship said: “Without doubt she has the potential to be the highest paid sportswoman ever and it has been a crown waiting for someone to grab hold of for the last 10 years.
“It has been crying out for a woman to become that figure.
“At the moment you would be talking about earnings of £50m a year as the dominant player in the women’s game, but if Gauff wins multiple Grand Slams and dominates you could probably double that.
“If Gauff dominates tennis then she will overtake Serena as the highest earner that women’s sport has ever seen,”
“What Serena has been earning will be eclipsed because Gauff is part of the generation that uses social media so frequently and sponsors will love to get on board with someone who has such a big impact and millions of followers.
“Another element is that she could become the first worldwide social media tennis sensation.
“The barriers that the Williams sisters broke down will help Gauff and she has an open book.”
Gauff has previously admitted that Serena Williams is her hero and inspiration for getting in to tennis.
“Serena is the reason why I play tennis and why my dad [and coach, Corey] decided to get me a racket,” she said.
“[My first memories] were of watching Serena playing at Wimbledon and she won, though I don’t remember which year, she has won so many times.
If Gauff can continue her incredible run the pair could meet in next Sunday’s women’s singles final.
Meanwhile, Serena admits she is now a fan of her fellow American star.
“She’s so cool. She’s a great girl,” she said in a recent press conference.
“I love her dad. They’re just really cool people”