Ibrox side Glasgow Rangers are set to challenge Celtic in the Scottish Premiership next season.
Celtic’s appointment of Rodgers raised eyebrows, and he is a marquee addition to the Scottish Premiership.
However, Wallace feels that Rangers are the reason why Celtic have shown such ambition.
The Bhoys have won the last five Scottish Premiership titles, but Rangers are expected to give them a tough challenge next term.
The Ibrox side knocked Celtic out of the Scottish Cup at the semi-final stage last term, and Wallace feels that defeat was a wake up call for Rangers’ Glasgow rivals.
He said: “It’s absolutely a season to look forward to. The fact they (Celtic) have brought in a manager of that calibre is due, out of respect, to what we’ve done.
“They’ve had a look at the Scottish Cup semi-final result. But also, it’s not just down to that one game. It’s what we did throughout the season and how we’ve been moving forward as a club and the steps we’re making.”
Rangers have already made moves in the transfer window to announce their return to the top flight, with seven new players joining Mark Warburton’s side.
Celtic are yet to make an addition this summer, but they are set to back Rodgers with funds to strengthen the squad at Parkhead.