The Rangers striker picked up a hamstring injury in the draw with Hamilton on Saturday.
Mark Warburton’s side kicked off their Scottish Premiership campaign on Saturday as they drew with Hamilton Academical at Ibrox.
It was a highly frustrating afternoon for them as they struggled to create many clear-cut chance against a resilient Hamilton defence.
Even worse, they appear to have lost Waghorn for a spell on the sidelines after he pulled up with a hamstring injury 10 minutes before the end of the game.
Losing him at this early stage of the season would represent a huge blow, but Wallace insists that they have the competition in the squad to survive without him.
“First and foremost let’s hope it is not anything too serious and he’s back with us sooner rather than later,” he told the club’s official website.
“He would be a huge miss but what we are blessed with now is great competition and guys who can step in and perform in any role. Whoever is going to come in they are going to be more than capable.”
It remains to be seen how serious Waghorn’s injury is, with Rangers praying that he is only set for a short spell on the sidelines.
Should that not be the case, then they would be needing summer signing Joe Dodoo to fill the gap in the meantime.
That is not an ideal situation in any regard, and perhaps if Waghorn is out for a long spell then Warburton will look to add another striker to his squad before the end of the transfer window.