22-year old Wallace, who is in the Scotland squad for this weekend’s friendly with Wales, signed a new contract with Hearts at the end of last season, and the Tynecastle club would be looking for a hefty fee to let him go.
According to The Sun, Keane’s side have been keeping tabs on Wallace in recent weeks with the former Manchester Utd and Celtic midfielder eager to strengthen his side’s struggling defence.
Wallace was one of Scotland's top performers in Yokaham last month when he made his international debut in the 2-0 defeat by Japan.
Ipswich currently sit second bottom of the Championship but Keane has money to spend having already had a double bid for Stoke’s Leon Cort and Danny Higginbotham turned down.
Hearts Portuguese defender Jose Goncalves is also said to have caught the eye of Tractor Boys scouts with a series of consistent displays this season and could aslo join Wallace at Portman Road should he move.
The 24-year old is out of contract in the summer and Keane is more likely to wait and offer him a pre-contract during the January transfer window than table a bid.
Former Sunderland boss Keane was appointed to the Ipswich not seat in April of this year. The 37-year old signed a two year contract following the dismissal of Jim Magilton who was sacked for failing to guide Ipswich to the Championship play-off places.
Struggling Ipswich finally registered their first win of the season at the 15th attempt against Derby in November and Keane sees strengthening his defence is a must if his side are to start climbing the table. Celtic captain Stephen McManus has also been linked with a move South to the Chamionship strugglers.
