Ibrox side Glasgow Rangers have been one of the most active teams in Britain over the transfer window to date.
Wallace has just a year left on his current deal at Wednesday, and he wants to stay at Hillsborough.
However, no new contract has been offered – and Rangers should test the water, as to whether a transfer could be available.
Pedro Caixinha’s side have already been hugely active in the transfer window to date, but there are signs that more work needs to be done.
Rangers’ embarrassing Europa League exit to Progers has set alarm bells ringing that Caixinha’s recruitment drive may not have the desired impact.
Rangers have targeted many players with no experience of playing Scottish football, and there are worries that they could take a while to settle.
Wallace, on the other hand, should require no bedding in period.
Of course, Rangers fans would have to forgive Wallace for representing their arch rivals, Celtic, in his younger years, but he could still be a very astute addition.
Wallace has had a stellar career in England, and his arrival at Ibrox would significantly increase Caixinha’s side’s attacking threat.
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