The 18-year-old joined Pompey last summer, moving from non-league side Lewes on a three-year deal.

The midfielder joined Conference South side Farnborough last month on a 'work experience' move.

Portsmouth beat a host of clubs to Wallace's signature when they signed him last August, but now he could be on the move before making a first-team appearance for Pompey.

The South Coast club, who have since plunged into administration, would be in no position to reject any sort of offer for Wallace.

Newcastle and Stoke are among the clubs back on Wallace's trail and could be ready to make a move for him.