The singer and celebrated raconteur, who was a proud Scot despite being born in London, was well-known to a generation for the performance of his signature tune The Hippopotamus Song, otherwise known as Mud, Glorious Mud.
Mr Wallace died last night at his home in Highgate, north London, after a long illness.
Family friend Tony Halstead said: "He was an actor, singer, broadcaster and a raconteur. He was a real all-rounder."
Mr Wallace, a bass-baritone, trained as a lawyer after being educated at Charterhouse public school, but never practised. He made his operatic debut after the end of the Second World War with the New London Opera Company.
He went on to become a regular at Glyndebourne and headed the cast, alongside Robert Morley, in a production of Fanny at the Theatre Royal Drury Lane in the late 1950s.
Mr Wallace was also well-known for his touring show in which he would perform musical excerpts and humorous songs, as well as material from Gilbert and Sullivan and Flanders and Swann.
One of his better known achievements was his extensive record of appearances on the BBC Home Service, and then Radio 4, in the series My Music. During the 27-year duration of the programme, he did not miss a single show, notching up more than 500 appearances as a panellist. Presenter Steve Race died earlier this year.
From the early 1960s to the 1980s, Mr Wallace performed a one man show featuring operatic excerpts, ballads and comic songs.
He is particularly noted for his performances of the music of Flanders and Swann and the “Hippopotamus” became his signature tune.
However, Mr Wallace is best known to the general public for his role as a panellist during the entire 27 year run of the radio ame My Music. He didn’t miss a single episode of more than 520 that were broadcast.
His Scottish ancestry and upbringing made him the but of several jokes and at least one trivia question on the long-running programme.
Mr Wallace was awarded an OBE for his charity work and wrote two volumes of autobiography, Promise Me You'll Sing Mud and Nothing Quite Like It - both titles inspired by his association with the Hippopotamus Song.
He is survived by his wife Patricia.
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