16 May, 17:08
Watch the live stream of the pre-Heineken Cup Final press conferences here: Starting at Approximately 4.10pm
The 35-year-old damaged his right knee in a tackle and underwent surgery on the injury on Sunday.
The news means Wallace could miss all six rounds of the Heineken Cup Pool stage which kicks off in November.
Former European Champions Munster line up in Pool 1 of this year's competition and kick off their campaign by welcoming last season's beaten finalists Northampton Saints to Thomond Park on Saturday November 12. The Irish Province then travel to Castres Olympqiue before back-to-back games against the Scarlets.