The Algeria international has been linked with a move to the Emirates Stadium as a possible replacement for Alexis Sanchez, who could make a January move to Manchester City.
Wise, though, believes that there will be better options on the table for the 26-year-old than Arsene Wenger’s men, with Liverpool also following his progress.
“I don’t think Mahrez would want to go there,” he told Sky Sports.
“I think there would be other teams that Mahrez would look at and think he’s capable of going into, teams that are in a better position than Arsenal.”
Ian Wright, who stands at second in Arsenal’s all-time scoring chart behind only Thierry Henry, was of a similar opinion.
“They’re in a position now where someone like him has got to go there and really pull up trees to get Arsenal back to where they need to go,” he said, referencing the fact that the Gunners may see both Alexis and Mesut Ozil leave on Bosman deals.
“What help has he got? He’s looking at two unbelievable players who might walk out.”
While the Gunners are struggling to make the top four in the Premier League once again and were eliminated from the FA Cup by Nottingham Forest last weekend, their Carabao Cup hopes remain alive after a scoreless draw in the first leg with Chelsea at Stamford Bridge on Wednesday.