Wallace signed a new five-year contract with Rangers today.
Wallace became the fourth Rangers player to sign a new contract with the Scottish outfit this week.
Barrie McKay, Lewis Macleod and Robbie Crawford signed new deals with the club on Tuesday.
McCulloch told Rangers' official website: "It's good news that the young boys have signed up for five years and Lee Wallace has just signed up for five years as well.
"I think that looks really good for the future.
"Big Lee extending his deal is great business. I think he's going to be a great Ranger in the future.
"Since he's come in he's been great to play alongside and he has a great attitude.
"I like the way he goes about things so I think he'll be a great in the future."