He played as a striker in the 1970s and 1980s for Dumbarton, Coventry City, Nottingham Forest, Brest, Sunderland, Marítimo and Melbourne Croatia.
Born in Glasgow, Wallace started at Scottish Junior club Yoker Athletic.
He emerged from a car accident whilst at the club sporting a deep scar on the forehead.
Wallace played that season alongside Ferguson, Tommy Hutchison, Terry Yorath, Graham Oakey, Bobby MacDonald and Jim Blyth.
Wallace moved to then-reigning European champions Nottingham Forest in July 1980 for £1.25 million, making him one of the world's most expensive players.