The left winger had been a target of Irvine's for a while as the positon has caused trouble over the past season. Wallace who wants to break back into the Sunderland side has opted for a season at Deepdale to get some regular first team football after being out for the majority of last season with a knee injury.
Wallace finished the season in the Sunderland side but was also on the transfer list. Keane was eager to let Wallace leave but the youngster wanted to fight for his place but it seems the best chance he will have to get back into the Sunderland team long term will be to pick up some form at Preston.