The 29-year-old has not played a senior game for Pools since February, although he did skipper a young side during last month’s Durham Challenge Cup defeat to Chester-Le-Street United.
Wallace signed for Pools from Mansfield in the summer of 2023 and was at the time considered a replacement for Nicky Featherstone.
With the arrivals of Darren Robinson on loan in August and Nicky Featherstone, who turned 36 last month, Pools have, for the most part, a well-stocked midfield after the summer purchases of Nathan Sheron, Jack Hunter, and Greg Sloggett.
But Robinson will miss this weekend’s FA Cup match after being called up to the Northern Ireland under-21s squad, Sloggett has struggled since suffering an injury during the preseason, and Hunter is sidelined until at least the end of November.
Tamworth is two points above the relegation zone and ranked 19th in the National League when Wallace comes.
The Lambs were promoted after being crowned National League North champions last season and have made a mixed start to life at the level above, winning just one of their first seven matches, including a narrow defeat to Pools, and shipping seven goals against league leaders Barnet.
A run of three wins in a row saw the Staffordshire outfit climb out of the bottom four but back-to-back defeats has the Lambs looking over their shoulders again ahead of a challenging midweek clash at home to promotion-chasing Gateshead this evening.