The German star is set to be out of contract at the end of the current campaign after stalling on a new deal with Ozil.
The 29-year-old would be available on a free transfer in the summer unless Arsenal convince the World Cup winner to stay.
Ozil has been linked with a potential move to switch to Manchester United in recent months following uncertainty surrounding his future.
Alexis Sanchez completed a move to Arsenal from Manchester United in a swap deal during the January transfer window.
The Gunners midfielder has proven a proficient assist maker despite lacking consistency throughout his career.
Former Chelsea FC midfielder Wise believes the Blues should seize the chance to sign the German midfielder.
“I’d take him at Chelsea FC,” Wise told Sky Sports.
Chelsea FC are in third place in the Premier League table but 15 points adrift of the current leaders.
Ozil has won three FA Cup crowns since his move to Arsenal from Real Madrid in a £42.5m deal in the 2013 January transfer window.
The German playmaker helped Arsenal to ease to a 2-1 win over Chelsea FC in the League Cup semi-final on Wednesday night.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news