Fellow England stars such as Maro Itoje and the Vunipola brothers are set to be similarly affected as the disgraced Premiership champions fight to stay afloat.
The club have asked all players earning more than £75,000 to defer wages until the start of next season - currently scheduled for September - and for Farrell that means a deferral of around 90% of his wages for five months
Any deferred wages should be re-paid over an 18-month period when the season resumes.
Owen Farrell facts: 10 things you didn’t know about the England star
Being one of the most popular players on the globe is likely to generate an incredible fan-base globally, but we are fairly confident that there are some aspects of Owen Farrell’s life and career you are not familiar with.
Owen Farrell facts:
1. He started off in Rugby League
His education began in rugby league - he joined Wigan St Patricks at the age of eight.
2. School days
It's well known that the Saracens star went to school with England teammate George Ford, however, it's less well known that he went onto study Business at Hertfordshire University.
3. Celebration
Farrell celebrates every point he scores by linking his index fingers together to make a 'JJ' sign, the Joining Jack salute, Joining Jack being a charity dedicated to the needs of sufferers of Duchenne muscular dystrophy.[ Farrell is also a patron for Duchenne muscular dystrophy charity Duchenne UK.
4. Record-breaker
He became the youngest ever player to appear in English professional rugby, making his debut aged 17 and 11 days. This record was later beaten by schoolmate Ford.
5. Family ties
It's well known that Owen is the son of Ireland head coach Andy Farrell. However, it's less commonly know that his uncle Sean O'Loughlin is also a rugby league legend, winning 34 caps for Great Britain between 1993 and 2009.
6. Tying the knot
He married his longtime girlfriend Georgina “Georgie” Farrell (née Lyon) in July 2018. Their son was born in 2019. Most of their relationship, has been kept largely private.
7. Name change
He was not at first registered as a Farrell, but took mum Colleen’s family name of O’Loughlin. The couple married in 1995, changing Owen’s surname to Farrell the following year.
8. Dog lover
Along with his wife Georgie, he loves long walks with his dogs.
9. Idols
Owen Farrell loves Swiss tennis star, Roger Federer. He admires his game management, consistency and skill.
10. Most physical player he's faced
"Schalk Burger without a doubt. He has something special inside him that keeps him going all day."
Schalk Burger of Saracens poses for a selfie with a rugby team from Chile during the Gallagher Premiership Match between Saracens and Gloucester Rugby at Allianz Park, London on September 23. - PHOTO: Tom Sandberg/PPAUK - Rugby