The report claims Dean Smith’s side is set to launch a £10 million move for the Championship player in January, and Newcastle should be joining them in the chase for his signature.
Jarrod Bowen was reportedly expected to be Bruce’s top target, but he has distanced himself from a move for the Hull winger, baulking at the £20m asking price.
Wallace could be a cheaper option for the Magpies, and at 25, is still inside the preferred age bracket for potential Newcastle signings nowadays.
Wallace scored just five goals in 42 Championship games for Millwall last season, but has already notched seven from 17 this campaign, and has a further four assists.
Wallace looks ready to make the move to the top flight
Previously with Wolves, he had two loan spells at the New Den, before making a permanent switch in July 2017, and although he has never played in the Premier League, he now looks ready to make that next step.
So if it is simply the potential fee that is forcing Bruce to rethink a deal for Bowen, surely a player like Wallace would be an ideal alternative.
What is certain is Newcastle need a right winger, particularly if Miguel Almiron continues to struggle to score, and a move for the Millwall star may appease Toon fans who are likely to be desperately disappointed if they do not see Bowen in a black and white shirt.