Both actors have played the famous Batman villain otherwise known as Oswald Cobblepot: DeVito in the 1992 Tim Burton release Batman Returns, and Farrell in The Batman earlier this year.
Farrell, who donned heavy prosthetics to transform himself into the heavyset Gotham criminal, is also set to reprise the role in a forthcoming miniseries.
DeVito made the assessment while hooked up to a lie detector, which affirmed he was telling what he believed to be the truth.
In the interview, filmed by Vanity Fair, the former Taxi star was shown a picture of Farrell and asked: “What about this Penguin?”
“Who, Colin?” DeVito replied. “I love Colin. He’s a terrific guy. My Penguin was better.”
DeVito then looked over to the person admistering the lie detector test.
“Was that the truth? It most certainly was,” he said. “In my opinion.”
Earlier this year, Burton reflected on leaving the Batman franchise after Batman Returns, expressing frustration over the series’ drastic change in tone.
While DeVito’s character was killed off at the end of Batman Returns, the film’s star Michael Keaton is set to return to the role of Bruce Wayne in the forthcoming film The Flash.