The pair were reportedly involved in an angry dressing room exchange with manager Graeme Murty after the 4-0 defeat to Celtic in Sunday's Scottish Cup semi-final at Hampden Park.
Tensions were high as kick-off approached and Miller was left out of the starting eleven.
The 38-year-old forward, who has scored 117 goals in 298 appearances across three spells at Ibrox, is out of contract in the summer.
They are expected to be suspended for the rest of the season, effectively ending Miller's Rangers career.
The Rangers board believe the duo have shown major disrespect towards the manager, Murty, and should be punished accordingly.
However, Miller is heading for the exit door after over-stepping the mark on Sunday, and the same could apply to captain Wallace, who has been with Rangers for almost seven years following a 2011 move from Hearts.
Miller may have played his final game for the club, with his contract due to expire at the end of the season, while Wallace has one year remaining on his deal.
KENNY MILLER has played his last game for Rangers following a Hampden dressing room bust-up with caretaker boss Graeme Murty.
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