The Union - an umbrella group comprising six supporters' organisations - had been urging Gers followers to withhold season ticket cash.
A company, Ibrox 1972 Ltd, has been set up with South Africa-based businessman Dave King and legendary captain Richard Gough as directors.
The Union wanted the club to grant them security over both Ibrox Stadium and Murray Park training ground in return for the money.
Wallace admitted last Friday that season ticket renewals had been slow and fears have also been expressed by some about the future of the club.
But representatives from the organisation met with Wallace, non-executive director Norman Crighton and major shareholder Sandy Easdale.
And Wallace, who has stated in the past that security will not be granted, told them the club could be prepared to give them a legally binding guarantee over Ibrox.
However, the Union asked for an identical agreement over the club training ground at Murray Park and the club officials agreed to look into that possibility.
But the talks were a huge step towards the bitter stand-off between fans and the club being brought to an end.
A Union of Fans statement released on Wednesday night read: "Following a number of attempts for several weeks to arrange a meeting with chief executive Graham Wallace to discuss our proposals for security over Ibrox and Murray Park, the Union of Fans were invited by Mr Wallace to discuss this and other issues at a meeting at Ibrox.
"Representatives of the Union of Fans met with Mr Wallace, non-executive director Norman Crighton and Sandy Easdale.
"A proposal was made by Mr Wallace that, whilst the board would not grant a security, they could consider giving a legally binding undertaking which would protect Ibrox from sale, sale and leaseback or as any form of security for a loan or other finance.
"We made it clear to Mr Wallace that we felt it was also appropriate that they provide the same undertaking for Murray Park.
"Mr Wallace and Mr Crighton agreed to discuss this with the rest of the PLC board as a matter or urgency and further discussions between the PLC board and the Union of Fans will continue once this board meeting has taken place.
"We believe we accurately conveyed the fears of supporters that either or both of these club assets could be lost to the club in a scenario where they were used for any sale and leaseback or other loan security.
"Any proposal by the board will be evaluated by our lawyers and a decision will then be taken on how to move forward. We will keep fans full informed as discussions continue."
Rangers did not comment on the meeting.