Wallace sustained the injury during training on Tuesday and has failed to recover in time, denying him the chance to make his first appearance of the summer.
The veteran Munster openside's withdrawal is precautionary and his inclusion in Ireland's World Cup squad, named on Monday, is not in doubt.
An Irish Rugby Football Union statement read: "It is expected that Wallace will be available for selection for next week's game against England."
Jennings, the Leinster back row, slots straight into the starting XV to win his 10th cap.
Teams for Ireland versus France, Aviva Stadium, Saturday, 5pm.
Ireland: F Jones (Munster); A Trimble (Ulster), B O'Driscoll (Leinster, capt), G D'Arcy (Leinster), K Earls (Munster); J Sexton (Leinster), T O'Leary (Munster); C Healy (Leinster), R Best (Ulster), M Ross (Leinster), D O'Callaghan (Munster), P O'Connell (Munster), S O'Brien (Leinster), S Jennings (Leinster), J Heaslip (Leinster).
Replacements: J Flannery (Munster), T Court (Ulster), M McCarthy (Connacht), S Ferris (Ulster), E Reddan (Leinster), R O'Gara (Munster), L Fitzgerald (Leinster).
France: C Heymans; M Medard, A Rougerie, F Estebanez, A Palisson; D Skrela, M Parra; J-B Poux, D Szarzewski, N Mas, P Pape, L Nallet (capt), F Ouedraogo, J Bonnaire, L Picamoles.
Replacements: G Guirado, F Barcella, J Pierre, R Lakafia, D Yachvili, D Marty, V Clerc.
Referee: Craig Joubert (South Africa).
Assistant referees: Nigel Owens and Tim Hayes (both Wales).
Gilbert has released a new line of rugby cleats. The Gilbert Virtuo 8S is part of the exciting new product. Check it out.
The entire All Blacks apparel line has been updated for 2013/14. Check out the New Zealand All Blacks polo.
The Nike Tiempo is a solid rugby cleat and one of few styles still made from full-grain natural leather.
The Gilbert Blitz 8S rugby cleat is a great cleat at a great price of $69.99. Get a new pair of cleats today.
A cool looking all black rugby cleat with the high performance adidas is known for. Get in the Gear!
Wear the crest of the British and Irish Lions on your t-shirt. A great look for the summer.
The All Blacks Performance t-shirt is black with hints of blue from the training jersey. Very Cool.
The New Zealand All Blacks training jersey for 2013/14. Get in the Gear!
The USA Rugby Pro Alternate rugby jersey is perfect for any fan of the Eagles. Get yours to wear during the summer Test matches.
The NEW All Blacks 2013/14 jersey has arrived at World Rugby Shop. Dare to wear the colors of the All Blacks.