The former Coventry City midfielder, who was instrumental in helping the Sky Blues to their highest Championship finish since relegation 2001 in his one, has managed Millwall and been a Director Of Football at Newcastle United.
The People claim that Wise, who is a television pundit amongst other projects, has not yet decided whether he wants to get back in to full time club management.
Former City defender Sam Allardyce, who was sacked as Blackburn boss before Christmas, has been tipped by The People to get a six month contract to help save West Ham United from relegation.
Allardyce is a free agent after receiving compensation from Blackburn and could be in as early as the weekend if West Ham remove Avram Grant at a board meeting on Wednesday.