The club announced that Wallace told Sevco chief executive
Aberdeen, Inverness and St Johnstone announced that they would oppose Green's application to join the SPL, doubling the confirmed objectors to six.
Wallace told www.rangersfc.co.uk: "When I arrived at Ibrox the support from the club, players and fans was fantastic."
"The fans showed great faith in us all during tough times and I still feel I have more to show them during the remainder of my contract."
"My partner is expecting our first baby soon and my priority is to my family."
"This gives me the incentive to improve my performance and ultimately win trophies."
But Wallace joins
The 24-year-old said: "My personal decision in no way condemns or judges those made by my fellow professionals as I believe each person has different circumstances and reasons which will determine the road they choose to travel at this particular time."
"I respect the decision taken by each individual player."
Wallace signed a five-year contract when he joined from Hearts in August last year in a deal worth $2.3 million.
Scottish Premier League
Ross County manager Derek Adams has extended his contract until the northern summer of 2016.