Mr Wallace, a close ally of former prime minister Boris Johnson, is said to be preparing to make his decision next month.
Speculation about the defence secretary's fate has been mounting for weeks, with officials inside the Ministry of Defence wondering who might replace him.
In his current role, he has been a leading voice pushing the UK and its allies to do ever more to support Ukraine. It happened at a major NATO summit this week when he revealed to a group of journalists that he had told Ukraine the UK was not anIt prompted Volodymyr Zelenskyy, the Ukrainian president, to say in a press conference at the summit in Lithuania:"I believe that we were always grateful to the UK."Zelenskyy has 'expressed gratitude', Sunak says
"Why don't you extend words of gratitude to him?" the president said. Breaking into English, he added:"Call him, please, today."
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