The new Light Blues CEO stated costs would have to be cut across the board at last Thursday's AGM that saw all five members of the board retain their seat at the Ibrox top table.
His warning came just months after Rangers International Football Club plc posted a loss of £14million for the last financial year and could have a serious impact on McCoist's bid to bolster his squad for next season's Championship promotion push.
McCoist said: "I've spoken to Graham briefly. I'd a couple of meetings with him before the AGM and (I've had) a couple since.
"Being 100 per cent honest, in terms of the footballing side of the business, we will definitely sit down in the New Year to see what we think is best for moving the club forward football wise.
"Graham's made a statement that he will re-assess and evaluate the entire business. That will obviously have a bearing on the football side of the business too.
"As yet, we haven't had any discussions about players in, players out - or movement in January, if any. Those discussions will take place on his return. I have no idea if we will have to lose players. I haven't been told.
"Like most managers, I'm a little bit unsure about what is going to happen in January - with the possibility of there being some movement."
While McCoist is eager not to lose any of his star men, the Gers boss remains in limbo as to whether he will be able to add to his squad during the January window.
A striker remains top of his wanted list but no plans are in place. McCoist said: "I don't know if the prospect of new signings is on hold. That's not a cop-out, I just don't know.
"I'll be far better placed to comment once Graham has made a full assessment of the entire business.
"It's obvious Graham and I can't sit down and make football decisions until he has a full overview of what is going on.
"I've said before that we could do with another player in the striking department but I'm not sure if that will be the case or not."
Even if former Man City supremo Wallace does decide that costs have to be cut, McCoist is eager to see money spent behind the scenes to improve his backroom staff.
The Gers gaffer has seen his scouting system dismantled in recent years as the club have lurched through their financial problems and he admits it is an area that must be improved on.
He said: "We have spoken about that already. There are a few things that need sorted and that is a massive one.
"That is something we will have to take a look at. But it's a problem we will have to address because the scouting system is pretty much non-existent at the moment."