The Serb will also lose the world number one ranking he took by beating Rafa Nadal in last year's final if Federer goes on to claim his seventh Wimbledon crown against Andy Murray.
Despite winning the Australian Open at the start of the year, Djokovic has fallen a little below the stratospheric heights he reached in winning 10 titles in 2011 and looked jaded during a 6-3 3-6 6-4 6-3 defeat by the Swiss.
However, the Serb preferred to look on the positive side, before jetting off for a holiday.
"Comparing to last year people would say this year is not that great," Djokovic said. "But look, I won a Grand Slam, played finals, semi-finals, won a couple of big tournaments, and played a lot of finals.
"So I'm very satisfied with the way it goes. Maybe couple of matches I'm disappointed about. But it's really difficult to do, to repeat what I have done last year, and I didn't expect myself to do that.
"I feel good about myself in general. I feel good playing on the major events. Confidence is there. I just need to continue on working hard and hoping for the best."
Even the prospect of being knocked off his perch by 30-year-old Federer, did not seem to unduly worry Djokovic who said he will not even tune-in for Sunday's final.
"Look, if he wins and becomes number one it's going to be well-deserved," Djokovic said. "He's played fantastic this year. He's been so consistent. If he wins, he wins.
"There's nothing I can do about it. The best player will win this tournament. Now I will cheer for my holidays."
Djokovic said he would re-charge his batteries and return to the London grasscourts for the Olympics later this month.
"It's been a long five, six months for me. Didn't have much rest. Now I'm going to take some time off and really try to keep my mind off tennis," he said.
"Then of course coming back to Olympics, which I'm looking forward to."
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