The 30-year-old Scotland international defender still has a year left on his current contract, but former Ibrox captain McCulloch does not expect the left-back to play under new Rangers manager Steven Gerrard next season.
McCulloch wrote in The Glasgow Evening Times: “Kenny is away from the club after his contract expired and I don’t think Lee will be back again now. It is looking that way.
“That will be a big miss for Rangers and it will be disappointing for Lee because I know how much he enjoyed playing with Rangers and what it meant for him to be club captain.”
It remains to be seen what happens regarding Wallace and Rangers, but one suspects that new Rangers manager Gerrard will be planning for the season ahead without the left-back in his plans.
The Liverpool legend will be fully aware of the situation regarding the situation of the former Heart of Midlothian star, who has been on the books of Rangers since the summer of 2011 when he joined from Hearts for a transfer fee reported by The Scotsman to be worth £1.5 million.