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Wallace is a two-time Pac-10 Player of the Year, as a two-time Triple Crown Winner at Arizona State University.
Wallace was drafted by the Toronto Blue Jays in the 42nd round of the 2005 Major League Baseball Draft, but did not sign with the team. The St. Louis Cardinals drafted him in the 1st round of the 2008 amateur draft from Arizona State. In Low-A Quad Cities, Wallace skipped High-A Palm Beach and was promoted to AA Springfield. He began 2009 playing for Springfield before being promoted to AAA Memphis.
On December 15, 2009 he was dealt to the Blue Jays as a part of the "The Doc Deal".