The Gers skipper has hailed the quality and attitude of Southampton midfielder Steven Davis, whom he played alongside for a season.
Davis scored 21 goals in 210 games for the Gers during a four-and-a-half-year spell at Ibrox after initially joining on loan from Fulham in January 2008.
The 31-year-old became one of the jewels in the crown of a hugely successful Rangers side during his time in Glasgow, winning eight major domestic trophies and twice being named the SPFA Player's Player of the Year in 2010 before leaving for Southampton after the club descended into insolvency in 2012.
Wallace only played alongside Davis in the latter's final season at the club, but the Saints man has clearly left a lasting impact on the defender with his class and professionalism.
Wallace told RangersTV: "The best player I played with is probably Steven Davis. His qualities are known to Rangers fans and the fact that he has kicked on in the Premier League and done even better in a good Southampton team just speaks volumes for him.
"And the fact that he was always fit, always training [are] some of the attributes that stick out with him."
Davis has continued to impress since moving back south of the border, and has been a regular for Southampton in every season since his return to English football, missing just 16 Premier League matches in nearly four full seasons at St. Mary's.
The Northern Ireland international has featured 36 times in all competitions for the club this season, as well as playing a starring role for his country as they qualified for a first major tournament in 30 years.