Terry is currently the assistant manager at Aston Villa, while Lampard is the Derby boss.
Both are Blues legends but Wise thinks Terry will win the race to be the head coach at Stamford Bridge.
Wise told the UK Sun: “If I had to have a bet, if I was really pressed, then I would say John will get the Chelsea job before Frank.
“They will both want it, I’m sure of that and it is a race against the clock — a race against each other — in many ways.
“John is doing it differently to Frank because he has gone in as an assistant at Villa to Dean Smith — and that’s a shrewd move.
“It means he can listen to some conversations in the manager’s office that he has never heard before.
‘Players can look up to, respect and admire, people like Jose Mourinho and Carlo Ancelotti out on the training field, or the way they conduct themselves around the club.
“What the players don’t see is the planning, preparation, the tactical analysis and conversations that go on inside the manager’s office.”
Terry and Lampard will come up against each other on the sidelines, at Wembley in the Championship play-off final between Villa and Derby on Monday.
