After December's annual general meeting Wallace claimed the League One side's operating structure was 'far too high even for the top division, never mind the lower leagues'.
He said fresh investment was urgently required by the club 'to allay concerns it could run out of money by April', adding: 'I don't rule out a rigorous review of our football squad in partnership with the manager'."
But speaking ahead of Rangers' home match with East Fife, McCoist claimed Wallace was aware of the need to add to the current set-up despite his side having taken 55 points from a possible 57 and boasting a healthy 17-point advantage atop the table.
"We've had primary discussions at great length. We met on Tuesday for a good few hours and we spoke on the phone on Wednesday and Thursday.
"I have not been told I need to sell players and I know Graham is aware of the importance of keeping the squad together.
"This squad have been nothing short of fantastic this season and we are absolutely thrilled and delighted with them.
"But the most important thing is that we get out the division we are in and Graham knows, as much as anyone, how important it is to try to build and continue to strengthen the squad."
Meanwhile, McCoist claims football fans around Scotland would be angry if Hearts succeeded with their bid to have a transfer embargo lifted.
The Tynecastle side remain on minus two points with more than half the season played after being hit with a 15-point penalty for entering administration last June.
Hearts boss Gary Locke claims the embargo is forcing him to field a number of youngsters in almost all of their games which is having an adverse affect on their fitness and overall development.
Rangers were handed a transfer embargo of their own following their financial meltdown a year earlier and McCoist feels any easing of the Jambos' penalty would not be looked on favourably by supporters of other teams.
"I have an unbelievable amount of sympathy for Hearts because we were in the same boat," he said. "I've seen Hearts a couple of times this season and their young boys have done them proud.
"It's not for me to say what should and shouldn't be done but I can tell you that I do have sympathy for Gary Locke and his staff."
Asked if Gers fans would be unhappy if the ban was lifted, McCoist said: "I think they probably would be but not just Rangers fans, I think probably a lot of football fans around the country.
"Probably St Mirren fans, Ross County fans, teams like that - their fans would probably be more upset than anybody."