The business is being fronted by an entrepreneur known only as ‘Will’, whose identity has not been made public.
Wallace has been heavily promoting the project on his social media channels, although his role in the business remains unclear.
The brand, Austin’s Dad, is seeking a “talented and driven videographer” with a “can-do attitude” and a “relentless work rate”.
According to the job advert, the debut site will be in the Lincolnshire town of Stamford.
The advert features a US-style pizza and carries the tagline Le Morte Del Domino, which translates as “the death of the Domino”.
In a YouTube video posted on Wallace’s channel earlier this month, Will said he wants to disrupt the UK food market by launching a pizza chain selling 12-inch pizzas made with imported ingredients for £5-£8.
He said the pricing would compete directly with both restaurant pizzas and supermarket meal deals.
The business would return 80% of store profits to the young adults, aged 18-25 and from disadvantaged backgrounds, who will run its locations.
The brand’s name is a reference to Will’s one-year-old son, Austin, and reflects his ambition to act as a father figure and mentor to the young people he plans to employ and profit-share with.
Will has outlined ambitious expansion plans, saying he ultimately wants to move beyond pizza into other food categories, including Mexican, sushi and meat processing, with a goal of reaching 1,000 locations within five years.
A former greengrocer, Wallace has made several attempts to establish himself in the restaurant industry.
In 2010, he opened Wallace & Co, a café and restaurant in Putney, south London, serving British dishes. The business closed in 2014 after running into financial difficulties.
Two years later, he partnered with London’s Bermondsey Square Hotel to launch Gregg’s Table, a 1970s-inspired retro restaurant. It closed after around a year.
Wallace served as co-presenter and judge on MasterChef and its spin-offs Celebrity MasterChef and MasterChef: The Professionals for nearly two decades.
He left the programme in 2024 following allegations of inappropriate behaviour that were later substantiated in an investigation conducted by law firm Lewis Silkin on behalf of MasterChef production company Banijay UK.
Over a seven-month investigation, Lewis Silkin considered 83 allegations from 41 complainants relating to Wallace’s time on the programme.
It substantiated 45 of them following interviews with 78 witnesses and a review of documentation and unaired programme footage. Most of the upheld complaints related to inappropriate sexual language and humour.
Other substantiated allegations included inappropriate language, appearing in a state of undress and one incident of unwanted physical contact.
Since stepping away from mainstream television, Wallace has focused on building a significant online presence through the major social media channels, Cameo and GreggWallace.Health, where he offers fitness, diet and lifestyle coaching for people aged over 50.