The 19-year-old midfielder is among the most sought-after talents currently plying their trade outside of the top flight.
Premier League outfit Stoke City are the latest side reported to be mulling over a January approach for his services.
With Wallace in the final year of his contract, and yet to agree fresh terms, Portsmouth may have their hand forced in the winter window.
Chairman Iain McInnes accepts as much and concedes there would be little he could do if a suitable offer is tabled in the New Year.
McInnes said of a player who has also attracted interest from a number of Championship clubs: "The reality of life is if an offer comes in and it is acceptable to the football club, everybody has got their price.
"Jed is a class above this level."