Rangers have opened talks over a new deal for the club captain as he enters the last 12 months on remaining contract. Wallace was voted Rangers' Player of the Year for the season as well as being voted PFA Player of the Year for the Championship.
With only 12 months left on his current deal Wallace, who has attracted regular interest throughout his time with at Rangers, could leave Ibrox for free next summer and manager Mark Warburton wants to tie up a new deal for him before he could begin negotiations with other clubs in January.
If Wallace pens a new contract it would secure his services until, at least, 2019 after initially moving along the M8 for £1.5m from Hearts in 2011. The Scotland international, who has made over 200 appearances for Rangers during his time at the club, is believed to be very interested signing a new deal and it could be completed within a few days.
Wallace scored 7 times last season, providing assists for a further 10 goals, as he impressed fans and pundits alike before earning a recall to the national side for the post-season friendlies with France and Italy; Wallace later pulled out with a slight injury to allow himself to recover properly before returning to pre-season training next week.