The inside centre limped off during the early stages of Ireland's memorable win over South Africa on November 28 and missed the Magners League tie with Glasgow and the Heineken Cup win over Stade Francais.
Wallace now looks set to be available for a crucial festive season in the Magners League after he was listed in a 28-man squad for the European rematch with Stade in Brussels this weekend.
Ulster take on Leinster, Munster and the Ospreys over Christmas and New Year, with Wallace's comeback a big boost as the league's seventh-placed side look to climb back into the play-off places.
There was more good news for the Ravenhill faithful today after BJ Botha and Timoci Nagusa both joined Wallace in the squad to face Stade.
Springbok World Cup winning prop Botha and Fijian international Nagusa were also injured representing their respective countries during the autumn internationals but could now feature in Belgium on Saturday.
And with the return of the star trio coupled with the stunning 23-13 triumph last weekend, Ulster head coach Brian McLaughlin says his side will continue their European adventure full of confidence even though Stade are likely to pose a mighty test.
"I never look back, I always look forward," said McLaughlin.
"We had a good win over Stade at the weekend, but now it is all about Brussels. I am just hoping that the record, come Saturday, will be played two, won two.
"We all know how good Stade are and towards the end of the game last week, when we basically stopped playing, having gained a 23-6 lead, they came back at us. This is something we have to be aware of this weekend. But we can also go there with belief, confidence and pride after our overall performance against them.
"We can go to Brussels with great passion and faith. We have kept our own destiny in our own hands."
Extended Ulster squad to face Stade Francais
Forwards: Declan Fitzpatrick, Justin Fitzpatrick, Bryan Young, Tom Court, BJ Botha, Nigel Brady, Andy Kyriacou, Ed O'Donoghue, Dan Tuohy, Ryan Caldwell, Chris Henry, Stephen Ferris, David Pollock, Willie Faloon, TJ Anderson
Backs: Jamie Smith, Clinton Schifcofske, Andrew Trimble, Simon Danielli, Darren Cave, Ian Whitten, Timoci Nagusa, Ian Humphreys, Niall O'Connor, Isaac Boss, Paul Marshall, Cillian Willis, Paddy Wallace
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