Left-back Wallace has been the stand-out performer for the Ibrox club throughout the 2013/14 campaign.
And the Scotland international is without doubt currently the Glasgow institution's most saleable asset.
Gers chief executive Graham Wallace is currently attempting to cut costs and reduce losses at the SPFL League One leaders.
Speculation has been rife the former Hearts defender could be the subject of bids from English clubs during the January transfer window.
The 26-year-old stayed at Rangers when they dropped down to the bottom division in 2012 - despite it jeopardising his chances of getting into the national squad.
And he has repeatedly stated he intends to remain with Ally McCoist's side and help them return to the Premiership and European football. However, if a big-money offer is received for the on-form player between now and the close of the window on Friday it may be hard for Rangers to turn down.
And former Everton, Stoke City and Sheffield United goalkeeper Simonsen has revealed his team-mate's stunning form has not gone unnoticed in his homeland.
He said: "Lee has been absolutely outstanding for us. Many, many people in England have asked me about him and I have told them all the same thing - that is he is an outstanding footballer.
"He has got everything really. He goes forward with pace and power, he has got a fantastic left foot and, on top of that, he can defend as well.
"There are very few people in the game who have got all that. I think he has a very big future ahead of him."
Simonsen has only played one game for Rangers this season - he kept a clean sheet in the league meeting with Forfar at Station Park last week.
But the Englishman has watched Wallace in action in all competitions on a weekly basis and believes he richly deserves the recognition he has been receiving.
And it is no surprise to the 35-year-old that the left-back has been called up by Scotland boss Gordon Strachan and is getting noticed by clubs south of the border.
He said: "It says much for Lee and his abilities that he is being talked about down in England despite the fact he is playing in the third tier here.
"As I say, I have spoken to a number of people down in England who have mentioned Lee Wallace's name to me. His name almost always comes up during conversations about Rangers.
"He is obviously catching the eye down there because of what he is doing on the football pitch up here for us.
"And he is obviously getting into the national squad as well which is great for him and great for Rangers as a football club as well."