The Belgium international has been in fine form this season, with Hazard netting seven goals in the Premier League this time out.
However, the forward has been tipped to quit Stamford Bridge in favour of a move to Real Madrid.
Hazard, 27, has publicly revealed his admiration for the Spanish giants.
And former Chelsea star Wise reckons a top four finish and a couple of key additions to the squad could tempt Hazard to stay.
“It’s very important to keep him,” Wise told the Metro.
“I think from a Chelsea point of view if they want to win trophies they need to keep Hazard.
“It’s very important because he’s such a quality player.
“Every Chelsea fan would love to keep him and hopefully we can tie him up for longer.
“But the important thing from Hazard’s point of view is what other personnel comes in at Chelsea Football Club and whether they can get back into the Champions League.
“He wants to play Champions League football – he hasn’t this year – but if they can get that spot for next year and add a couple of top quality players then it can [help] change his mind.
“He’d know then that the club can compete because at this moment Manchester City and Liverpool are in front.”
Chelsea boss Maurizio Sarri has been vocal on Hazard’s future, with the Italian urging his star man to stay.
He said: “I want Eden here, of course.
“But I want him here if he wants to stay here.
“The club is available to sign a new contract immediately, but it’s up to him if he wants to renew or not.”
Hazard and Chelsea are back in action on Saturday evening against Manchester City in the Premier League.