The winger, a first-team regular since joining Wednesday on a free-transfer last summer, is enjoying his Hillsborough adventure.
His current 12-month contract expires at the end of the season, although he has an option to extend his Owls stay if it suits all parties.
But the Scot has told The Star he intends on commiting his future to the Championship promotion hopefuls sooner rather than later.
“Hopefully we will have something sorted in the next couple of weeks on a long-term contract,” said Wallace.
“I would be delighted if I could get that. It would be perfect for me.
“I have loved every minute of this season. It has probably been one of the most enjoyable years of my career.
“Playing with these bunch of players has been great and our style of play has suited me down to the ground.
“I think I have appeared in near enough all the games so it has been fantastic for me personally.
“But we will wait and see what happens. The club has been brilliant with me so far so I’ve got no worries about it (my contract).
“I will definitely be here for next season. That’s for sure.”
The winger insists helping Wednesday maintain their play-off tilt is at the top of his agenda as they step up their preparations for Saturday’s trip to Huddersfield.
Wallace added: “We have all comeback fresh (after the international break) and looking forward to the final eight games. There are still a lot of points to play for but we know we are up there and got a chance of doing something great this year.”