Derby County striker Chris Martin and Aston Villa right-back Alan Hutton have also withdrawn from the friendlies against Italy and France.
The Scottish Football Association announced the withdrawals on Twitter but gave no other details of why the players are out.
Wallace was one of several Rangers players caught up in violent scenes after his side’s William Hill Scottish Cup defeat by Hibernian on Saturday when fans invaded the park.
Ibrox manager Mark Warburton had hinted he would withdraw Wallace and Barrie McKay if Rangers won the final and qualified for Europe.
Goalkeepers Allan McGregor and Scott Bain pulled out with back injuries last week, while Hull players Andy Robertson, Robert Snodgrass and Shaun Maloney, plus Sheffield Wednesday midfielder Barry Bannan, are unavailable for the Italy game in Malta on Sunday as they play in the Sky Bet Championship play-off final the previous day.
Swansea left-back Stephen Kingsley, Derby midfielder Craig Bryson and goalkeepers Scott Fox and Jack Hamilton were called up last week.