Midfielder Paul Ifill said: "Dennis would be a popular choice with the players but I don't know what the fans would think. Maybe they'd like someone with a bit more experience. I've heard he'll be in charge on Saturday and will find out more later today.
"Now that McGhee's gone, we need to get someone in as quickly as possible and try to start again. There's still plenty of time to turn the season around."
After McGhee had questioned the players ability for the first-time in his three-year reign, he got the players together in the dressing room for a meeting and they came out talking about sticking together as a team.
In all likelihood, the decision to sack McGhee had already been taken and former Chelsea and England midfielder Wise was the obvious choice to fill an immediate gap because the club do not have a large coaching staff.
Wise could make a case for taking the job permanently, perhaps with former Chelsea coach and friend of Paphitis Ray Wilkins.
But if the last process of manager selection is anything to go by, the chairman will not rush.
However, there are not many unemployed managers with experience of getting teams promoted. West Ham and Reading had to lure Alan Pardew and Steve Coppell out of other jobs and pay compensation when they were looking for such a candidate.
But if Millwall choose not to take that sometimes expensive route, the names that are likely to be bandied about will include Tony Adams and possibly former Millwall assistant manager Steve Gritt.
Glenn Hoddle is also available and some fans will hope that Portsmouth's Teddy Sheringham can be persuaded to become player-manager - but neither move is likely.
Whoever does take over will find the club in a reasonable position. McGhee may not have been able to get his team to perform adequately this season, but they are still eighth in Division One.
He has also assembled a squad with considerable potential which combines youth and experience.
The problems for the incoming manager include a game against top-oftheleague Sheffield United on Saturday and the task of sorting out the future of nine first-team players who are in the final year of their contracts.
McGhee had told them they would have to wait until next summer and he would not stand in their way if they found new clubs. This caused unrest and contributed to Paphitis's decision to find a new manager.
But things were not straightforward for the Scot. He was also in the final year of his contract.
McGhee was committed to proving his loyalty after previous bad experiences at Wolves, Leicester and Readingand always said he would stay in charge at Millwall until they told him otherwise. He was true to his word.
Ifill believes that the players let him down with a series of poor performances.
Ifill said: "It was a surprise and I didn't see it coming. We were rubbish last night and let the gaffer down. I was awful and we were all dire. He shouldn't be made responsible for that terrible performance but that's the way football is.
"I feel like I've let him down personally as he always stuck by me and kept me in the side when I wasn't playing well. He persisted with me and I'm sad to see him go.
"We were so bad it's shocking and it seems the manager's lost his job because of it."
