He was speaking after the club announced that two shareholders were set to plug a funding gap.
The club issued a statement to the stock exchange confirming they were in talks over securing a £1.5million loan following reports that directors Sandy and James Easdale and major shareholder Laxey Partners were set to issue a much-needed cash injection.
Rangers lost £14.4m in their first 13 months of trading as a new company in June 2012.
Despite raising £22m from a share issue in December 2012, former finance director Brian Stockbridge admitted the money would run out before the end of this season.
Wallace told Rangers TV: "I think it's important to say that the board, myself, the executive team, are working very hard to rebuild the club. We are midway through our 120-day review of every area of the business.
"But what I can categorically say is that there is no threat of a second administration.
"Let me put that to bed once and for all. We are absolutely focused on the long-term sustainability and success of Rangers Football Club and supporters should not be concerned about some of the ill-informed comment they are reading in the media."
Meanwhile cheeky Celtic fans hijacked Rangers' bid to engage with their supporters in an online wind-up.
The Ibrox side's Ready to Listen survey is designed to give their supporters a "genuine voice" in the future of their club and was launched yesterday.
But Celtic supporters took the opportunity to have a pop at their arch rivals - by filling in the survey themselves.
Some even claimed to have filled in the survey "several times".
One Celtic fan wrote on Twitter: "I've done 10 surveys today, let's you do as many as you want."
Rangers fans, however, failed to see the funny side and hit back, claiming Celtic fans were "obsessed" with the SPFL League One side.