The Gers captain has been banished from Ibrox along with team-mate Kenny Miller following a bust-up in the aftermath of the 4-0 Scottish Cup semi-final defeat to Celtic in April, and his long-term future in Glasgow looked pretty bleak.
Miller, 38, was leaving Rangers this summer anyway, but Wallace’s fate seemed slightly more clouded in mystery given he still has a contract until the summer of 2019.
But with Gerrard set to officially take the reins at Ibrox tomorrow, it has emerged Wallace has been given a reprieve – albeit with a hefty four-week fine.
According to STV, Wallace has been handed a club-record fine whilst Miller has been hit with a ‘less severe’ financial punishment, given he is exiting the club.
The decisions will have been taken by the current Rangers hierarchy, but it would seem safe to assume Gerrard still has plans for Wallace, don’t you think?