According to reports, Wallace has agreed to join the Los Angeles Lakers' coaching staff.
After Memphis head coachPenny Hardaway said it was likely that Wallace would join the Lakers, Shams Charania reported the news.
Wallace worked from home in the second half of the year because of health and safety protocols.
He was an assistant coach with the Detroit Pistons.
He spent 16 seasons in the NBA and earned four All-star selections. He played a part in the Pistons winning the NBA title.
He was teammates with Wallace in Detroit from 2003 to 2005.
The Lakers named Ham their new head coach last week after four years as an assistant. He worked for the Atlanta Hawks after working for the Los Angeles Lakers.
Los Angeles hopes the hire will turn things around after the team finished 11th in the Western Conference.
✨ Watch more top videos, highlights, and B/R original contentThere are a lot of questions about the roster, but the core of the team, including Anthony Davis, are talented enough to create a contender.
Wallace, who played against James early in the superstar's career, could be an experienced voice in the locker room.