Bassett agreed to take on the role until the end of the season and will join up with the team tomorrow ahead of Saturday's trip to leaders Carlisle.
Bassett signed Wise as an 18-year-old for Wimbledon in 1985 and the two have remained close since.
The former Crystal Palace, Sheffield United, Nottingham Forest, Barnsley and Leicester City manager briefly helped Wise out at Millwall three seasons ago.