The 25-year-old is among the first people to apply to become an astronaut after the European Space Agency launched a fresh recruitment drive.
Martin works for satellite firm EADS Astrium in Portsmouth, and has been crazy about space since he was a kid.
Now he hopes to see it first hand.
'It would be an incredible opportunity, I can't imagine anything bigger,' he said.
Martin, of Walmer Road, Fratton, has had a lifelong interest in aeronautics and studied mechanical engineering at Leeds University.
And as a youngster he would gaze at the stars through his telescope.
But he didn't take it seriously as a career until he found out about Astrium, where he is now a mechanical engineer analysing the stress on satellites.
He also spends time in local schools giving workshops to children about the work that Astrium do in space.
But before his application can proceed, Martin must pass a fitness test and produce a medical certificate.
If he passes that then he will be really put through his paces during a six month application process.
Martin said: 'I've heard there are more than 50,000 applying so I know it's going to be tough.
'It's the same test as for pilots, to check we have perfect vision and general good health.
'We will be put in a centrifuge at one point, that puts us through up to 8 G-forces. Luckily I worked at a theme park in Yorkshire when I was younger so that has toughened me up.'
After the medicals, and if he gets through psychological tests, Mr Wallace will go to Cologne in Germany for astronaut training.
The final appointments will be announced next year, and each successful applicant will be looking at a salary of about £40,000 a year.
Jeremy Close, a spokesman for Astrium, said: 'It's great news that one of our engineers is applying to be one of the next European astronauts – and I wish him the best of luck.
'As we have some of the most skilled technicians, engineers and scientists in the country – it wouldn't surprise me if a few more of Martin's colleagues apply.'