Farrell, 21, has been in outstanding form for both club and country this season and put in another impressive display in last weekend's RBS Six Nations victory over Scotland, landing seven kicks from eight attempts.
Flood insists he has no complaints about the Saracens man getting the nod at fly-half given his recent displays, but will continue to work hard in a bid to keep the pressure on his rival.
However, he was quick to acknowledge he shares an open and honest relationship with both Farrell and England coach Stuart Lancaster and is happy to wait until another chance to push his claims presents itself.
"It's work in progress," he told Sky Sports. "You have to bide your time in life and sometimes you have to take your hat off when guys are playing well and certainly in the last couple of games for England those guys have gone well - and especially Owen.
"I'll just keep working as hard as I can and the nice thing for me is that it's an open and honest environment, there's no-one trying to sweep things under the carpet or pretend things aren't natural.
Open environment
"It's open, Stuart's been great with that so I know where I stand and what I have to do to try and get it back and obviously part of that comes with just keeping my head down and working very hard.
"But the other part of that thing I can't control is how well Owen's playing and you've got to respect that."
Flood also had words of praise for former Leicester team-mate Bill Twelvetrees who enjoyed a memorable introduction to Test rugby with a try-scoring debut at Twickenham.
"The way that he played was what I expected really," he continued. "I said to him in the changing room before 'it's no different to any other game' and he went out there and played exceptionally well.
"Credit to him because those opportunities with the first cap, you spend your life wanting to achieve it and sometimes they go well and sometimes they don't - but for him it was sensational."
Source : http://www1.skysports.com/rugby-union/news/12504/8472268/Toby-Flood-admits-need-to-be-patient-to-displace-Owen-Farrell-from-England-side