The left-back has been among the best in Scotland this season.
The 28-year-old has played a major role in helping the Ibrox club sit a full 14 points clear of Falkirk at the top of the Scottish Championship as a return to the big time looks imminent.
Despite being a left-back, Wallace has also netted nine goals for Mark Warburton's side this season - as well as weighing in with no fewer than 11 assists - and Weir cannot speak highly enough of the defender.
“Lee has been another one whose standards have been high week in, week out and you almost take it for granted now that you're going to have that level of performance”, Weir told Rangers TV.
“Allied to the goals that he scores and the positions he gets in, he's a very valuable member of the team. Lee's done great.”
Weir was perhaps a touch unfortunate to be overlooked by Scotland manager Gordon Strachan, who left him out of both squads for friendlies with the Czech Republic and Denmark later in the month.
Regardless, Strachan will find it hard to justify similar exclusions next season if Wallace can maintain his consistency in the Scottish Premiership.
He has eight international caps under his belt.