The winger is set to depart Millwall following the expiration of his contract at the end of June.
Coming as a free agent would make this a real coup of a signing for the Baggies, especially as it will weaken a potential rival for the promotion places in the coming season.
Millwall finished above Steve Bruce’s side last campaign, but now the 61-year old will claim one of the Lions’ standout players in what will be his first pre-season with the squad.
And Wallace could be just the player that the Albion need in attack.
The 28-year old possesses a level of creativity and a spark on the ball that has been missing from the West Brom team for some time now.
Matheus Pereira was the last true creative outlet that the team could revolve the attack around.
Wallace should be a natural successor in terms of output, but West Brom will also be able to keep that kind of heavy burden off of his shoulders.
Pereira was expected to lead everything the team did with the ball, but the former Wolves player could provide the same kind of impact without needing to be such a focal point.
This will be a positive step for the team, who didn’t have a single player reach 10+ assists in the Championship last season.
Meanwhile, Wallace has proven he is capable of bringing that level of consistent goal creation to a second division side.
Last season he earned 12 assists for Gary Rowett’s side despite missing parts of the season through injury, starting only 33 league games.
In 2019-20 he also provided 13 assists for the team as they finished 8th in the table.
Quiz: Can you name which club these 27 ex-West Brom players are playing for now?
Wallace also brings a goal scoring threat of his own that makes him the complete package for Bruce’s side.
In the last three seasons he has scored 27 league goals to go with 30 assists.
That is a very solid level of goal contribution, which would equate to nine goals and 10 assists this season if he can replicate that same form at the Hawthorns.
While other areas in the squad still need addressing, this is the kind of signing that can earn the team a few extra points over a season and that could be crucial.