The website claims that Wallace, who impressed during a three-month spell at the New Den last season, is likely to be made available for loan in January.
Lambert has also admitted a desire to streamline the squad he inherited from Walter Zenga next month and Harris says he would be keen on bringing Wallace back to south east London, were he to become available.
"Jed is not our player - I’m very careful about what I say about other teams’ players," the Lions boss said, as quoted by London News Online. "But he was excellent for us when he was on loan and is a fantastic guy, a really good pro.
"He would make any squad better at this level. Would we be interested in someone of that quality? Of course we would. You want quality players in your squad and want options. But that is as far as it goes."
Harris later admitted, however, that defence is his priority this winter, with Millwall conceding the second-most goals of any top-half League One club this season.
Wallace has made only 23 appearances since his 2015 arrival at Wolves from Portsmouth, and has around 18 months remaining on his contract at Molineux.
The 22-year-old played 14 times for Millwall, scoring once and providing four assists.