Preston North End have struck a deal to bring Sunderland left-winger Ross Wallace to Deepdale on a 12-month loan.
The Club have agreed a loan fee as well as the price for the permanent transfer of the 23-year-old Scot which can be exercised at any time during the loan spell.
The Black Cats have an option in the deal to be able to recall the former Celtic player to the Stadium of Light at the end of the 2008 should Roy Keane require the Dundee-born player's services back at Sunderland.
Wallace started his career with the Scottish Champions, making 33 appearances and scoring once for the Bhoys, before moving south of the border in 2006 along with Stanislav Varga.
He scored on his debut on Wearside, the winner over Derby County in September 2006 and he played a huge role as Roy Keane's side won the Championship. He went on to make 58 appearances at the Stadium of Light, scoring eight goals, including Sunderland's first ever strike at the Emirates Stadium.
Wallace will be given the number 25 shirt and goes straight into contention for Saturday's final pre-season friendly against Crewe Alexandra at Gresty Road on Saturday.
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