Wallace poised for new loan
The Toffees Academy product is highly rated at Goodison Park and has in the past been involved in David Moyes' first-team squad.
Wallace, 20, on Tuesday returned from a loan at Stevenage, where he did not play a game, but is set to immediately leave for the short trip to Tranmere.
It is hoped the goalscoring midfielder will have the opportunity to build match experience at Prenton Park and provide a useful player in Les Parry's squad.
Tranmere have won just once in 11 League One outings to mean they have slipped down to 16th in the table.