Wise, a former Wimbledon, Chelsea and Millwall midfielder, is currently Head Coach of the Indonesian Under-17s and emerged as one of the surprise candidates for the manager's position with the bookmakers after apparently bringing his Indonesia side to face the Saddlers in a behind closed doors friendly.
Wise, a former England international who also counts Leicester City, Southampton, and Coventry City among his former clubs, has limited managerial experience having undertaken caretaker spells at Millwall and Southampton along with short-term stays with Swindon Town and Leeds United.
Interim manager Martin O'Connor, who was ultimately unable to halt a season-long slide into the relegation zone, is also believed to be among the candidates for the job, but will likely have to take part in an interview as the club looks to appoint a manager capable of returning the club to the fourth tier as soon as possible.
Meanwhile, former Barnsley and Rochdale boss Keith Hill remains the favourite to take the helm, with ex-Bristol Rovers manager Darrell Clarke coming in a third favourite, following a huge drop in his odds.