Wilkinson, who kicked England to World Cup glory in 2003 and toured with the Lions in 2001 and 2005, is seen as one of their top targets for the 2009/10 season.
The 29-year-old has been at current club Newcastle Falcons since turning professional but any offer from Racing would severely test his desire to remain in the North East for the remainder of his career.
Steyn was initially thought to have been sounded out as an option for Racing if Wilkinson decided not to move to France but there is a possibility that both players could be plying their trade in Paris after this year's Lions tour.
However, Steyn's agent,Gerrie Swart recently told the Daily News in South Africa that his player will remain in South Africa for another 10 months at least.
"Yes, Frans has been approached by Racing Metro and I have been in correspondence with them over the past few months," said Swart.
"However, Frans is contracted with the Sharks until the end of the Currie Cup and with the Springboks until the end of the year, so nothing can happen until then."
Racing are also thought to have targeted French skipper Lionel Nallet and Sale's Sebastien Chabal, with the duo rumoured to have committed to the club if they clinch promotion.
"We will see about the arrival of Nallet and Chabal," said Racing coach Pierre Berbizier.
"These are players who are interesting us, as are a good few others - Steyn and why not Wilkinson?
"I have to admit that all these links are good.
"There is a lot being said about Racing, but at the moment the president is in South Africa and we will see where he is up to when he returns."