Wallace who is on a season long loan is expected to make his move permanent during the transfer window. Sunderland have the option of recalling the left winger but it is thought that they will allow Wallace to leave the North East.
Preston were waiting on Sunderland appointing a new manager as it would be up to him whether he wished to recall Wallace. As Sunderland have been promoted from within and a fee already agreed for Wallace, the left winger should become a full time Preston player before the end of the month is out.