Wallace, born in Wallyford, Midlothian, had been a goalkeeper with Airdrie and West Bromwich Albion. He also played for Berwick Rangers, Hereford and non-League Bedford.
As player-manager at Berwick, Wallace was in goal the day they inflicted a humiliating 1-0 defeat on Rangers in the first round of the Scottish Cup in 1967.
The following year, Wallace became assistant manager at Hearts and in 1970 was drafted into Ibrox by Willie Waddell who made him his coach.
They formed a great partnership and shared in Rangers’ spectacular 3-2 European Cup Winners’ Cup victory over Dynamo Moscow in the Final in Barcelona in 1972.
Wallace’s training methods were demanding. He was a hard man, a fitness fanatic who had fought as a commando in the jungles of Malaysia. The players found themselves running up and down huge sand dunes at Gullane.
But the hard work paid off. Not just in the honours that were won, but a large number of those players went on to have long careers as a result of the fitness levels achieved under Wallace.
Wallace was appointed team manager in the Summer of 1972 and won the Centenary Scottish Cup beating Celtic 3-2 in the Final in his first season in charge.
Then in 1974-75, Rangers won the Championship for the first time in 11 years. Next season they made it a clean sweep with the Treble, which they repeated in 1977-78.
Wallace was a man who went out of his way to foster team spirit. He believed there was nothing more important at the club than the team.
But having won those two Trebles in three years, Wallace stunned the fans by resigning after a dispute with Waddell and the Rangers board.
Wallace took over at Leicester City, winning them promotion to the old Football League First Division and a place in the FA Cup semi-finals.
He came back to Scotland in 1982 in charge of Motherwell and rejoined Rangers the following year when his successor at Ibrox, John Greig, stepped down as manager.
Though winning two League Cups, Rangers were not a force in the Championship and Wallace’s second term as manager came to an end in April 1986.
He went on to manage two other clubs, Seville, in Spain, and Colchester United.
Wallace, who died in 1996, had been one of Rangers’ great leaders and stood supreme as a motivator of men.