Wallace, who led the Lions to the No. 1 ranking this season, said Sunday that he had narrowed his choices to Baylor, Ole Miss and Mississippi State.
The new coaching staff at Ole Miss won a significant recruiting battle last week when Aberdeen defensive lineman Channing Ward, a five-star prospect, picked the Rebels over MSU and Auburn.
The 6-foot-4 Wallace visited the Mississippi State campus last week and reportedly got an official offer from Ole Miss on Saturday.
As a freshman at East Mississippi, Wallace threw for a record 53 touchdowns, including seven in his team’s 55-47 win over Arizona Western College in December’s El Toro Bowl for the junior college national championship.
Wallace will have three years of college eligiblity remaining.
He began his college career at Arkansas State, where he spent his redshirt season.
National signing day is Wednesday, Feb. 1.