According to a report, Wallace has agreed to join the LA Lakers coaching staff.
After Memphis head coachPenny Hardaway said it was likely that Wallace would join the Lakers, Shams Charania reported the news.
Wallace and the Lakers have yet to reach a formal contract stage.
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 and played in the NBA for eight years.
Last week, the Lakers named Ham their new head coach after he spent four years as an assistant. He worked for the Atlanta Hawks after working for the Los Angeles Lakers.
✨ Watch more top videos, highlights, and B/R original contentLos Angeles hopes the hire will turn things around after the team finished 11th in the Western Conference.
Though the roster has significant question marks, the core of the team, including Anthony Davis, are capable of creating a contender when healthy.
Wallace, who played against James early in the superstar's career, could be an experienced voice in the Lakers locker room.