Wallach, 56, has been one of the leading managerial candidates for the past few seasons. He was the runner-up to John Farrell last winter for the Boston Red Sox job.
"It's nice, and I think everybody knows I want to manage someday," Wallach said earlier this month regarding speculation on his future.
Wallach has served as Dodgers manager Don Mattingly's third-base coach for the past three seasons, and the team picked up his 2014 contract option earlier this week. Previously, Wallach, a former Pacific Coast League manager of the year, was among the favorites to land the Dodgers' managing job when Joe Torre retired in 2010.
Wallach also interviewed for the Tigers' opening.