The news of Wise's appointment was released via the club's SMS text update this evening following a meeting with chairman Theo Paphitis.
The 36-year-old former Chelsea and England midfielder Wise and his experienced assistant Ray Wilkins have been given contracts running to the end of next season.
Under Wise, Millwall have picked up seven points from their last four games and has received glowing references from fans and players alike.
Speaking of the appointment, Paphitis said "I am pleased with the appointment, it maintains continuity and allows us to continue with our stated aim of promotion to the Premiership.
"Dennis and Ray are both here until the end of next season, with Dennis also remaining a player for that period of time."