Wallace is coming towards the end of his 120-day analysis of all aspects of the club's business, and with Rangers promoted to the SPFL Championship, the manager had revealed a desire to make signings, despite the club's precarious financial position, as highlighted by the release yesterday of their interim results.
Now Wallace plans to give McCoist an indication of his likely budget before his review is concluded next month. "In terms of the overall financial number [for the playing budget] we will agree what that is and then work within that on the playing side," said the chief executive. "In terms of determining our football player needs and squad needs that does not wait until the end of the 120 days.
"Ally McCoist and myself are in constant dialogue in terms of assessing the current squad. He has his views on areas he would like to strengthen for next season and we are working on looking at the alternatives in terms of meeting that need. Once we finalise the overall financial budget that will give us a clearer indication of what we want to do. It would be wrong for anybody to think that everybody is sitting on their hands waiting on the outcome of the review."