The duo described their plans while speaking to Absolute Radio's Christian O'Connell Breakfast Show this morning ahead of the MasterChef grand final tonight.
Wallace said: "Well, we're in London - we'd have a great big tray of sea food - whelks, cockles, crabsticks - to start.
"Then they'd be tucking into some proper spring lamb, followed by rhubarb crumble and custard. A true celebration of British cockney food. Then they'd have a right old knees-up."
Torode added: "I would go for something similar to Greg. I reckon oysters to start, then some pie and mash with liquor, then lots of strawberries, lots of rhubarb - even a bit of crushed meringue to finish. We call that Eton mess."
Of tonight's final, Torode said: "It's been a privilege and an honour to watch three great finalists. I've got to say, though, anybody who made it through to the auditions - the 20 people who actually lined up for that first day - congratulations to them.
"Our three finalists are superb, but to make it into the last twenty of MasterChef is a great achievement. Good on you guys."
The MasterChef final airs tonight at 9pm on BBC One.
> Read our full interview with Jackie Kearney
> Read our interview with Gregg Wallace