Sanchez only joined Manchester United in January from Arsenal in a straight swap with Henrikh Mkhitaryan.
The Chilean has scored just once in his first five appearances for the Red Devils, making it nine goals in 27 games in all competitions this season.
After returning from a broken ankle, which kept him out of the start of the season, Hazard has scored 15 times for Chelsea.
Wise has been seriously impressed with the Belgian forward this term and puts him ahead of Sanchez.
But he has warned Chelsea fans he has the potential to play for the world’s biggest clubs, with Real Madrid keen on signing him this summer.
“Eden Hazard has got the most magic,” Wise said on Sky Sports.
“I think he’s a wonderful player, he’s so talented. Pace, the way he finishes, he can be what he wants to be this boy.
“I think he’s fantastic and he really has done some things this year that have been unbelievable, with some of the goals he’s scored and how he’s created things.
“I know Alexis Sanchez has got something to prove, he’s just turned up at Man United.
“But I don’t think he’s as good as Hazard.
“He can move on to bigger and better things as well I’m sure as well.
“He’s a wonderful player, his talent is just unbelievable. Watching him this year”.
