The Ibrox board supremo has told SportTimes the future at the club lies at the feet of the youngsters - backed with a blend of experience. Wallace was outlining his vision for Rangers ahead of the crucial AGM on Thursday.
In an exclusive interview, the former Manchester City executive insisted the club was not heading towards administration and backed Ally McCoist, despite the manager's decision to give his proxy over shares to his local supporters' club - Calderwood Loyal in East Kilbride.
It is believed the fans' group could vote against the re-election of at least two directors. But Wallace said: 'You need to look at Ally as an individual and what is important to him.
"He has been at the club for 15 years as a player and seven years as a coach and manager and throughout that what has been consistent for him is the support of the fans.
"They have been behind him as a player, behind him as a manager. He feels a strong obligation that those with the best interests of the club at heart are those who have supported him as a player and a manager."
There has been speculation that McCoist's job is under threat in a board run by the Easdale brothers, but Wallace stressed: "The manager has the unanimous support of the board.
"There is no reason for him to be looking at his tenure as being under question from any of the existing directors."
He emphasised he and McCoist were exploring ways of bringing through Murray Park graduates into the first team.
"Murray Park is a terrific facility that has the track record of producing significant numbers of players good enough to play in our first team and full international level," he said.
"The manager and I share a philosophy that youth development is important to the future of the club.
"That needs to be balanced with the right blend of experience as well as we go up the divisions, but if you look at the football we are playing now and some of the young talent that is getting an opportunity to play every week, it is great development for them as individuals."
He would not comment on the strategy for the January transfer window, saying such speculation was premature.
But he added: "My relationship with Alistair is that initially we have established a good rapport and we speak every day, sometimes multiple times, and we are starting to work on some of these critical football structural issues."