Wallace's five-year deal ends after the 2009 season, and the man who has led the Tigers in 83 games says he's happy to let it run full-term before the parties sit down to assess the future.
"I'm more than comfortable – I signed a five year agreement … so that we had some stability within the football club, that was the whole reason", he said.
"We've said since day one we were happy to get to the end of the five years, look each other in the eye and see whether the marriage is working one way or another.
"It's a two-way ship – does the Richmond football club want me to continue after that period of time, do I feel like I want to continue in that role after that period of time – it works both ways.
"I'm more than comfortable – and honestly have been from day one – I'm more than comfortable with that being the situation."
Wallace said he had always felt like a part of the Tiger family, having played 11 games for the club in 1987, after 174 for Hawthorn and before 69 for the Bulldogs.
"I've got my player's tie. I know that I was probably known to be more at Hawthorn and the Bulldogs, but I came back to back to this football club because I was a past player who thought that I had unfinished business here.
"I see myself as a Richmond person – when I put my player tie on, I have pride in the fact that I played for the club.
"You look at Mal Brown – I mean, Mal Brown's a fantastic Richmond person who only played a couple of games more or less than I played for the footy club, so how long you happened to be there I don't think necessarily counts."
