The Millwall forward is coming to the end of his current Lions contract and appears poised to move on after spending the past five seasons at The Den.
That has alerted a host of clubs to his potential availability, with Burnley, Watford, Middlesbrough and Leeds all credited with an interest in the 28-year-old this term.
In January, it was reported that promotion-chasing Championship outfit Nottingham Forest had two bids turned down for Wallace during the last transfer window.
That particular link hasn’t gone away, though, will the latest reports from Turkey claiming that boss Valérien Ismaël is close to luring the ex-Pompey youngster to the 42,500-seated Vodafone Park Arena.
The former West Brom manager has been tasked with rebuilding the 16-times Turkish title winners as they look poised to miss out on a 17th championship win, although they remain in the running for a European place despite currently sitting seventh in the table.
And Wallace is high up on his wanted list having witnessed at first hand what the forward can produce following spells in the Championship with the Baggies and Barnsley.
Reports, elsewhere, however, suggest Wallace’s next destination might not be as clear-cut.
Indeed, The Daily Mirror’s Darren Witcoop claims Cardiff are also keen, with current Bluebirds boss Steve Morison a former Millwall team-mate of the 28-year-old.
Wallace has scored six goals and provided 11 assists this season for the Lions as they sit seventh in the table and one point off the play-offs.
The forward scored 30 goals in 111 outings for Pompey during a three-and-a-half-year stay at Fratton Park.
He retains strong links with the Blues and gave the club a ringing endorsement ahead of Mahlon Romeo’s loan switch last summer.