Wallace, who can operate as a winger or as a central midfielder, wants the campaign to be finished so that promotion and relegation places can be finalised as they are supposed to.
Football in England is suspended for the time being, and it is not clear when the campaign will get underway.
Wallce told News At Den: “This season has to finish, in my opinion. It’s absolutely not fair on the teams at the bottom and the teams like us.”
The Millwall player added: “Even though, in my opinion, Leeds and West Brom are the two best teams in the whole league, if they go up now people will be saying, ‘you didn’t do the whole season, it was Coronavirus year’.
“I think for everyone involved, emotionally and in terms of it being an equal playing ground, it’s only right to play out the whole season.
“Liverpool and Leeds fans are probably feeling the same as us. The one year we can sneak into the play-offs there’s a pandemic that stops us doing it.”
Liverpool are at the top of the Premier League table at the moment with 82 points from 29 matches, as many as 25 points clear of second-placed and defending champions Manchester City, who have a game in hand.
Leeds currently find themselves at the top of the Championship table with 71 points from 37 matches, a point clear of second-placed West Bromwich Albion and seven ahead of third-placed Fulham.
As for Millwall, the Lions are eighth in the Championship table with 54 points from 37 games, two points behind sixth-placed Preston North End, who occupy the final playoff spot.
It would be unfair on clubs if the season is cancelled or is declared null and void. The football authorities have to make sure that the campaign gets finished.