The 30-year-old – who won promotion to the top flight with Sunderland and Burnley – yesterday penned a one-year deal at Hillsborough, the Owls’ seventh signing of the summer.
“I needed a fresh start after leaving Burnley last season and I’m looking forward to getting back playing again.
“I can’t wait to get started with the new coach. The main thing is this club has big ambitions to get to the Premier League and I want to help achieve that.
“I think I’ve got a lot to give, Sheffield Wednesday showed an interest and hopefully I can help get things going at this club.
“I’ve got a lot of experience, especially in the Championship. With three teams, I’ve been promoted twice so I think I’ve been successful at this level.
“I didn’t play as much as I wanted to last season and I want to get started again, I feel fresh and ready to go and hopefully this move will be my best.”
Joining Wallace, is Spanish midfielder Alex Lopez, who has agreed a season-long loan from La Liga side Celta Vigo.
The 27-year-old central midfielder said: “I have played in Spain all of my career so far and I am ready for a new challenge, the timing is right.
“Sheffield Wednesday in England is a massive club and everyone knows that. I want to play my football for Sheffield Wednesday and show that this move is the right move for me at this time.
“I am loving the stadium and I cannot wait to sample the atmosphere here. I want to play and play well under the new coach and be part of what is clearly a very exciting time for this club under the new owner. I like to get from one box to the other box and one of my strengths is shooting from long range.
“La Liga is a quality division but so is the Championship and my ambition now is to do well in this division.”
The Owls travel to non-league side Alfreton Town today in their first pre-season friendly.