The reports in the York Press suggest Stags are looking at bringing in Wallace. who can play at left-back or in central midfield, on a loan deal.
Wallace, who has recently returned from a loan spell National League North side York City, joined the Brewers after being signed by Clough in 2019.
York’s first-team coach, Kingsley James, has said: “He was looking at the options available to him and the latest we knew was that he was looking to join Mansfield Town on loan.”
Wallace is a former England youth international who has made 78 appearances for the League One club in all competitions.
In yesterday’s media conference, Clough confirmed he was aiming to bring in two more players.
“We have a couple of players we are talking to at the moment that we are a little way down the line with – one is a striker and the other more of a utility player,” he said.
“It might not be too straightforward, but we'll try. We've only got a couple we're after with everybody getting fit now. We want quality more than quantity."