The skating show judge told ITV's Daybreak that the winner will be either Matthew Wolfenden or Jorgie Porter.
Spence said: "Matthew and Jorgie have some form of dance training, whereas Chico - what does he do?"
The Pineapple Dance Studios entertainer added that Chico has "no chance" of lifting the crown.
However, the 42-year-old conceded that the former X Factor contestant has "not done badly" to reach the final.
Without extensive preparation, Chico joined the show to replace the injured Chesney Hawkes in January.
> Jorgie Porter backed for Dancing on Ice win by Digital Spy readers
Watch Wolfenden, Porter and Chico tease their performances to Digital Spy below: