The midfielder has struggled to make a consistent impact at Molineux.
The player, who can play on the wing or in central midfield, has been the shining light at Pompey for several seasons. Last term he scored 17 goals and was named the club's Player of the Season. He also made it into the League Two PFA Team of the Year - so there is no doubting his talent. Wolves seemed to have snapped up a gem.
But Wallace has gone on to struggle at Molineux - failing to settle into the team after his move from the lower leagues.
He was loaned out to Millwall at the start of the month in a deal that is now coming to an end. Now the player has discussed his future, suggesting he would like to stay away on loan from now. He is quoted by the South London Press as stating:
“My objective was to do well at Millwall.
"Then the hope is that my form is good enough for me to put pressure on Kenny Jackett to give me an opportunity. I am sure that is what he wants, too.
“If I can play 30 games this season, that will mean I am doing everything I can to impress. I would like to get a goal but the chances I have had so far, I have snatched at a bit.
“I am a Wolves player and have massive aspirations to do well for them. But I have had a couple of conversations with the manager and I am not sure I would be a regular fixture up there at the moment, even with the injuries they have.
“So I will play these next three games of my loan and see what happens. I don’t like to get involved with the people who wear suits, though. I play football and leave them to talk about the things I don’t understand.”
Millwall would be able to sign Wallace after the transfer window on a youth loan so there is no rush to push through a deal and perhaps Wolves will decide to give him a chance at the end of this season.
However, with Jackett seemingly not keen, Wallace may have to head out on loan once again.