Ally McCoist has admitted that he was beaten to the QPR job by Ian Holloway.
Wallace has been a stalwart of the Glasgow Rangers side for the last five years.
Rangers striker Joe Garner has been defended by Ally McCoist.
Barton's time with Glasgow Rangers came to an end last week.
McCoist led Rangers to two promotions during his time at Ibrox and is said to have been close to taking over at QPR.
Mark Warburton's Ibrox side Glasgow Rangers are fifth in the Scottish Premiership.
Is Mark Warburton under pressure with Ibrox side Glasgow Rangers?
The defender was dismissed at Ibrox in a manner that prompted then-Gers assistant boss McCoist to reach out to him after the game.
Everton winger Yannick Bolasie has been praised by Ally McCoist.
Rangers lost 5-1 to Celtic at the weekend.
Remi Garde has lost his job as Aston Villa manager - who could replace him?
During March, we've worked our way through a list of the greatest 30 players to ever play for Rangers - now it's time to find out who finished in top spot.
Ally McCoist receives the most credit for Rangers' nine successive league titles, but the Glasgow giants also needed an influential leader at the back.