Winger Wallace pens new deal with Owls
Wallace made 49 appearances for the Owls last season, having joined the club on a one-year deal in July 2015 following his release by Burnley.
The 31-year-old, who also had spells with Preston, Sunderland and Celtic, scored six goals last term.
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Hide AdOn penning fresh terms, Wallace added: “I’m delighted. I had a fantastic year last year and to get an extension I’m delighted.
“The first year I was looking to come and see how things went. We had a great season last season apart from the disappointment right at the end.
“I had some special moments for myself personally but overall the way the team played all season, I loved every minute of it with a great bunch of players and working under Carlos (Carvalhal) and the staff. Hopefully we can have the same kind of success this season.”