The former captain, who has featured only once as a late substitute this season, is still in dispute with the Ibrox side over an alleged bust-up with previous boss Graeme Murty.
Wallace, along with former team-mate Kenny Miller, was suspended by club last season, a punishment the pair are still fighting against.
He has only recently been welcomed back in the first-team picture, though has been omitted from selection for their upcoming matches in Europe’s secondary competition.
Jordan Rossiter and Jamie Murphy have also been left out due to injury.
Europa League squads are broken down into two “lists”: List A and List B. The former can only have a maximum of 25 players. The latter can be unlimited.
To qualify for List B a player be “born on, or after, 1 January 1997 and has been eligible to play for the club concerned for any uninterrupted period of two years since his 15th birthday (players aged 16 may be submitted if they have been registered with the club for the previous two years).”
The full Rangers squad is as follows. Players with an asterik next to their name qualify through List B.
Allan McGregor, Wes Foderingham, Robby McCrorie *, Brian Kinnear*, Nicky Hogarth*
James Tavernier, Connor Goldson, Jon Flanagan, Ross McCrorie*, Nikola Katic, Kyle Bradley*, Borna Barisic, Joseph Worral, Gareth McAuley, Rhys Breen*, Jack Thompson*, Jordan Houston*, Lewis Mayo*, Daniel Finlayson*, Jay Mack*, Nathan Patterson*
Graham Dorrans, Ryan Jack, Ovie Ejaria, Andy Halliday, Daniel Candeias, Lassana Coulibaly, Ryan Kent, Stephen Kelly*, Eros Grezda, Scott Arfield, Cameron Palmer*, Zac Butterworth*, Kieran Mckechnie*, Ben Williamson*, Josh McPake*
Umar Sadiq, Alfredo Morelos, Kyle Lafferty, Glenn Middleton, Andrew Dallas*, Matthew Shields*, Adedapo Awokoya-Mebude*