The Owls signed Wallace last summer on a free transfer, but they only handed him a 12-month deal.
As a result, Wallace’s future at Hillsborough has come into question in recent weeks, but the Scotland international is hoping that he will be offered the chance to stay.
“Hopefully we will have something sorted in the next couple of weeks on a long-term contract,” said Wallace.
“I would be delighted if I could get that. It would be perfect for me.
“I have loved every minute of this season. It has probably been one of the most enjoyable years of my career.
“Playing with these bunch of players has been great and our style of play has suited me down to the ground.
“I think I have appeared in near enough all the games so it has been fantastic for me personally.
“But we will wait and see what happens. The club has been brilliant with me so far so I’ve got no worries about it (my contract).
“I will definitely be here for next season. That’s for sure.”
It is reported by the Sheffield Star that there is a clause in Wallace’s contract which allows Wednesday to extend the experienced midfielder’s current deal.
It would be a surprise if Wednesday did not activate this extension soon, given his impact at the Yorkshire club.
The former Burnley man has been in excellent form this season, and played a key role for Carlos Carvalhal’s side.
Wallace has made 35 appearances for Wednesday in the Championship this term, scoring twice and racking up eight assists.
The winger’s good form has helped the Owls mount a play off push, with the side currently sat in sixth place in the Championship table.