Wallace is the first-choice left-back at Rangers at the moment and is also the captain of the Ibrox outfit.
The Scotland international defender has been on the books of Rangers since the summer of 2011 when he joined from Heart of Midlothian for a transfer fee stated on the Gers’ official website to be worth £1.5 million.
John moved to Rangers on a season-long loan deal from Cardiff City in the Championship in England in the summer transfer window.
The 22-year-old Wales international also operates as a left-back, and he is ready to challenge Wallace for a spot in Pedro Caixinha’s starting lineup.
“Of course it is hard at the end of the day being 22 it’s the age that you need to go out and play games so I think this was the best place to come and do that,” John told The Scottish Sun.
“Lee has been here for years, I have watched him play a few times and he is a good player. It’s a case of me getting out and playing some games, so hopefully I get a few minutes in at the weekend.
“I just need to get back to playing football and enjoy it. I just want to get some games and try and do well. At the end of the day I do want to play, whether that is at left-back or as a left sided winger it doesn’t really matter for me. I’d be happy in a more attacking role.”
Rangers are fifth in the Scottish Premiership table at the moment with seven points from four matches.
The Gers have not made a great start to the season, but the Ibrox outfit can still certainly finish second in the league table.
Old Firm rivals Celtic are the clear favourites for the Scottish Premiership title this season.