Dallaglio, 35, will bring the curtain down on a remarkable career, which has spanned both the amateur and professional eras, at the end of this season.
Dallaglio has been central to the most successful era in Wasps' history, captaining the club to eight European and domestic trophies, including a hat-trick of Premiership titles and two Heineken Cup triumphs.
Edwards rates Dallaglio as one of the greatest captains in the history of rugby and, ahead of Wasps' Guinness Premiership clash with Leeds, he said: "My main focus is to make sure he goes out with a trophy.
"It has been five consecutive years that I have seen my mate lifting trophies which is a record that has never been equalled. I would love to make that six.
"It will hurt me for Lawrence not to lift a trophy in his last season.
"He was a big reason I came to the club. We're hoping he certainly isn't going to be a stranger. We need him around, he is a driving force behind this club."
Dallaglio's long-term ambition is for a career in coaching - but his immediate plan is to help Wasps' off-field business match their on-field success.
Key to that is developing a new stadium - Wasps currently ground-share with Wycombe Wanderers Football Club - and driving the commercial side of the club.
Dallaglio explained: "I hope to assist the club in various capacities, whether it is marketing, commercial or at some stage in the future maybe even on the field.
"Coaching is something I'd like to do in the future but not the immediate future. It is not something you can walk right into.
"There are no guarantees that because you have been an elite player you can become an elite coach.
"You have to be humble as a coach. It is a different career from being a player. It is something you have to learn how to do.
"I don't expect to have all those skills straight away. My intention would be to go away and learn those skills and possibly come back in the future."