Hearts boss: It'll take a huge bid to land Wallace
Wallace will complete the finest season of his career to date when Celtic visit Tynecastle on Sunday. It is a campaign in which he has established himself in the Scotland squad, won the Hearts Player of the Year award for the second successive time and proven himself equally assured at centre-back as he is at left-back.
His development has attracted attention from English Premier League and Championship clubs but, with his contract running until June 2012, Hearts will only agree to a transfer if there is outlandish money on the table.
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Hide Ad"Lee is that good we might get a huge offer in the summer. But we hope he is here," said Jefferies. "That's up to the owners. If the offer comes in, is it acceptable or is it not? Lee is a Scotland internationalist and he's well worthy of a decent amount of money coming into this club. He's come through the ranks here, but hopefully that's not the case because I want him as part of my team for next year.
"He's been terrific since we came in. I always knew he was a good player. I've watched him since he came into the Hearts team and I remember him scoring a goal against us at Kilmarnock in a cup replay (in 2005] when he was really young. I thought he played well that night and I just watched him since then.
"He's had a great year and got into the Scotland team. We've had injuries and we've found somebody who is just as comfortable playing centre-back as left-back. I'm not saying that's his favoured position but he's never complained about it. He's gone in there and played, he knew it was for the team and there are times when you have to do things like that tactically.
"If you have two centre-backs it's good to have one who is left-sided, just like Jose Goncalves. It makes a difference. Lee never lets us down. He gets tight to opponents, he's strong, quick and has a good attitude. I'm sure he'll go on to great things one day."
Meanwhile, Hearts have been offered the services of out-of-contract Aberdeen skipper Mark Kerr although the Tynecastle club has yet to respond to his agent's proposal.
Hearts have, though, granted a new three-year contract to Lithuanian winger Arvydas Novikovas, tying him to the club until June 2013.
"We are delighted Arvydas has committed himself to the club for the next few years," said Jefferies. "We have been impressed with him since we came into the club.
"He is still young but he had a taste of the first team earlier this season when we had a lot of injuries. There are things for him to work on and he needs to build up his strength for the rigours of the SPL but ability-wise he is a gifted young player who will be pushing for more starts next season."
EGGERT JONSSON will miss the first two games of next season after breaking through the disciplinary points barrier while Ismael Bouzid will be banned for the league opener.