His halves team-mate Corey Norman, has also extended his contract, with the young utility extending his contract until the end of the 2013 NRL season.
With the Broncos season launch scheduled for tonight, the news is timely for the club, particularly with their season opener against the Parramatta Eels just 7 days away.
Wallace, who still has family in the Blue Mountains, an area of his former club Penrith – said that he just could not see himself leaving the Broncos, and rejected some big-money offers, to move back to Sydney.
“I was really happy to agree to terms and it is great to be here for another two years,” he told Bronco TV.
“I have really found a home here and have enjoyed my time here.
“I am really happy to be here for at least another couple of years.
“The club itself is in a good place for the future.”