Wilkins was dismissed by Blues owner Roman Abramovich in November, having been summoned to chief executive Ron Gourlay's office at half-time during a reserve-team game and was told he was going during a two-and-a-half-minute conversation.
"I hope that does not happen to Carlo. But it will always happen at football clubs," Wilkins told the Daily Express. "I would keep Carlo as manager. The fellow is different class in what he does. Who would you replace him with? You are not guaranteed success if you do change.
"You might be bringing in another foreign coach and he has to learn the language again. Carlo has more or less cracked that and he's a good guy. Every manager pays the price when you don't win, but it would not be fair after what he did last year. It was a magnificent season, winning the league and cup Double.
"Carlo has got 100 per cent backing from the players. They love him. His manner with them is such that they will run through a brick wall for him. If he has that on his side, then it will work."