Wallace, who is now working as a coach at Burnley, played over 120 games for the Owls during his stint at Hillsborough, and gave fans some great memories over the course of his spell in S6 – scoring a few thunderbolts along the way.
But having fallen at the Play-Off stage on two occasions, the Scotsman thinks that Moore has a great opportunity to build something big at Hillsborough.
After scoring a couple of goals in a recent charity game for Wednesday, he told the media, "I've played against his teams. They play some good stuff, he likes his teams to be fit and to play football.
"He had a period when he was out with COVID but he has got an opportunity at a massive club like Sheffield Wednesday and it is up to him to go and take that… If he does get it right there and it takes off, the fans will get right behind him.
"It's a perfect opportunity for a manager. You are going to get the backing from the owner. He wants to get promoted.”
But Wallace thinks that recruitment will be key, and hopes they don’t make the same mistakes of the past.
"They have got to get recruitment right and get the right players in for the club. If they do that and get the fans back in the stadium, I think they can do well,” he said.
Going on to add, “We had some talented players and I personally think player recruitment was pretty poor going into the second season. I thought we bought too many players.
"We had four top strikers and we ended up buying another three. We had seven top strikers and they are not all going to play. We bought too many. We had about 10 midfielders. We bought too many. We needed more quality to add to the first year.
"Obviously, you can't fault the owner for that. He has put his money in and he tried to have a real go. One thing is he does love the club and he does want them to get promoted.”