Wallace is out of favour at Rangers under Steven Gerrard.
Hearts have reportedly rejected Rangers move to land Kyle Lafferty in a player-plus-cash deal that would see the Gers part with a substantial chunk of cash and defender Lee Wallace.
But Hearts are said to have rejected the offer, and want £750,000 for Northern Ireland international Lafferty if they are to wave goodbye to the target man who scored the only goal of the game at Tynecastle on Saturday in the win over Celtic.
They have rejected the offer as they do not want to sign Wallace, who remains on the books at Ibrox but has been ostracised since his debacle with Graeme Murty in the changing room last term.
Kenny Miller and Wallace were suspended following the fracas, and following Hearts’ rejection, Miller should consider a move to form a reunion at newly-promoted Livingston – where he has since taken over as player manager.
Wallace’s chances of finding himself back in the Rangers fold are almost zero, after the club completed the signing of Borna Barisic from Europa League opponents NK Osijek for around £2.2million.
The fact that Rangers have included Wallace in a deal to sign a player suggests that Gerrard sees the Gers’ former captain as surplus to requirements. A reunion with Miller would be perfect for Wallace.
Miller should look to land the experienced defender, who can play at centre-back or left-back, with Rangers likely to let him leave for nothing as he enters the final 12 months of his contract.
Receive exclusive football transfer news and updates twice a week to your mailbox
