Wallace was released by Burnley this summer after a season in the Premier League in which he played 15 times for the relegated side and scored once.
Wallace, 30, has one international cap for Scotland and played for Celtic early in his career, leaving the club in 2006 to sign with Sunderland.
He has played 246 games in the Championship in his career so far, which included a spell with Preston North End, and had been with Burnley since 2010.
As a free agent, the experienced left winger could be a clever addition to a side which are hoping to push for promotion.
|Team||Passing Accuracy||Key Passes per game||Goals||Assists||Appearances|
The winger has played against Sheffield Wednesday nine times in his career, losing only once, and has one goal to his name in those fixtures.