Schillaci was the surprise star of the World Cup 24 years ago, clinching the golden boot as Italy finished third on home soil.
Many have tipped Immobile to make a similar impact in Brazil following his scoring exploits for Torino last term.
And Schillaci himself has praised Immobile, who will represent Borussia Dortmund as of next season.
Schillaci told UEFA.com: "He reminds me of myself; he likes to play from the back, he's fast, he's good at the one-on-ones and he can find the net."
Rather than being daunted by such praise, Immobile is happy to accept it.
"This comparison doesn't put pressure on me, it pleases me instead," he said.
"The coach (Cesare Prandelli) makes his choices, we just have to work hard and give our contribution, (even) from the bench."
Immobile, who scored a hat-trick in Sunday's 5-3 friendly win over Fluminense, will likely vie with Mario Balotelli for a starting spot in Italy's Group D opener against England on Saturday.
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