Glamorgan want opening batsman Alviro Petersen back with the county for the 2012 season if South Africa do not offer him a contract.
Petersen led Welsh county in 2011 and cricket director Colin Metson has told BBC Sport Wales they will make a bid for him if he does not make his national squad.
Coach Matthew Mott has also expressed the desire for Petersen to return.
Petersen succeeded Jamie Dalrymple as captain in November 2010.
Petersen scored more than 2000 runs in all forms of cricket during his season with Glamorgan, including more than 1000 runs in County Championship Division Two.
The 30-year-old was named the players' player of the year and the Championship player of the year at the county's end of season awards.
Glamorgan have already signed Australian Test batsman Marcus North as their overseas player for the next two seasons.
Wicket-keeper Wallace has been chosen as Glamorgan's captain for next season.