Hearts poised to sign Tony Capaldi
The Northern Ireland international trained with the Gorgie outfit at the end of the week as Jefferies faced up to the prospect of being without Wallace for up to 12 weeks with cruciate ligament damage.
As Wallace picked up his injury on international duty against Liechtenstein on Tuesday, Wallace's wages and medical costs will be covered by the SFA during his absence.
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Hide AdThat means there could be cash for Jefferies to bring in free agent Capaldi on a short-term deal. Capaldi, who was released by Cardiff City during the summer, said: "Talks have been ongoing with the club, I think they're trying to get in touch with the relevant people at the club.
"I'm just waiting for something to be done. I think they're looking at a deal for a few months, maybe something up until January with Lee being out injured. I trained with the boys and they have been great. I will just wait and see what happens on Monday."
Following his release from the Welsh club, the 29-year-old was due to sign for George Burley's Crystal Palace but the move fell through at the last minute.
Capaldi had joined former club Plymouth Argyle on their pre-season trip to Holland and impressed manager Peter Reid. The full-back reopened talks with the League One side but a return to Home Park never materialised.