Wallace and Waghorn have been nominated for the award following a terrific campaign at Ibrox.
Waghorn in particular has been a real standout player for the Gers, netting 28 league goals and contributing greatly towards the club’s First Division title success and ensuing Petrofac Training Cup win.
Wallace, unable to vote for his team-mate due to Scottish regulations and as such opted for Hibernian’s Jason Cummings, has said that Waghorn would be worthy winner.
“Waggy should probably get it in my eyes,” Wallace is quoted as saying by The Sun. "It’s not just his goal scoring there’s so much more to Waggy. The fact he can play as No9, No7 or No11 and do each position ever so well, the unrivalled work ethic that he’s got.
"The manager’s given him that platform and he’s done ever so well and I think it speaks volumes that we’re now all talking about Martin and being ready for the next few games or the cup final at the latest.
"That’s purely down to his work ethic and his desire to get back and of course the work that he’s doing at the training ground. He’s of course in with a massive shout of winning this award."
Waghorn missed Rangers’ Scottish Cup semi-final win over Old Firm rivals Celtic last weekend, but he is on course to returning from injury in time to face fellow Scottish Championship side Hibs in the final.
The former Leicester City man has had to rebuild his career somewhat at Ibrox following his struggles to breakthrough at the King Power Stadium, and his progress has been startling.
Next season he will have the opportunity to test his ability against Scotland’s best, and for those that have followed his career, it wouldn’t come as a surprise should he take the Scottish Premiership by storm.