Former Sunderland winger Wallace suffered a nasty-looking head injury in the second half of Saturday's 2-0 victory over Wolves and left the field on a stretcher.
But the 27-year-old has been passed fit and is set to start as new boss Sean Dyche looks to make it two wins from as many games.
Chris McCann suffered a hamstring injury in the build-up to the weekend encounter and defender David Edgar is ready to deputise in an unfamiliar midfield position if he fails to recover in time.
Fellow midfielder Marvin Bartley (groin) also faces a late fitness test ahead of the Turf Moor clash.
Leeds defender Tom Lees is a major doubt for the game after being accidentally poked in the eye in last Friday night's draw at Brighton.
Lees was forced out of the action after 40 minutes at the Amex Stadium and later received medical attention on the south coast after being temporarily blinded in one eye.
If the 21-year-old is not passed fit, Lee Peltier is expected to partner Jason Pearce at the heart of defence, although the Leeds skipper has been carrying an ankle injury in recent weeks, while Danny Pugh could come into the reckoning.
Striker Luciano Becchio is pushing for a recall after starting the last two matches on the substitutes' bench, while both David Norris and Paul Green provide manager Neil Warnock with extra options in midfield.
Latest loan signing Ryan Hall is hoping to make his second appearance as Leeds chase their first league win in five matches.