The Tory MP accused the Moscow tyrant of “scrabbling around looking for friends and begging North Korea” for outdated weaponry.
US government officials have revealed that the hardliners’ meeting has been pencilled in for later this month at an unnamed location in Russia.
Analysts believe the Kremlin will get 1960s missiles for the Ukraine invasion in return for nuclear submarine and satellite technology.
But Mr Wallace, who left the Ministry of Defence last month and will leave Parliament at the next election, posted on social media: “And this is how it ends Mr Putin.
“The once-mighty Russia scrabbling around looking for friends and begging North Korea for weapons from the 1960s.”
John Kirby, US national security spokesman, said Putin’s defence minister Sergei Shoigu, had tried to buy artillery from Kim during a recent visit to Pyongyang.
He said they could have discussed North Korea’s Hwasong intercontinental ballistic missile and they have since changed letters of allegiance.
Mr Kirby added: “We urge the DPRK to cease its arms negotiations with Russia and abide by the public commitments that Pyongyang has made to not provide or sell arms to Russia.”
Meanwhile yesterday, Russian-backed officials in Ukraine released a picture of a British Challenger 2 tank which had been blown up by Kremlin forces.
The image is thought to come from the area around Robotyne, south-east Ukraine, and analysts believe it shows the first direct hit on a British tank in the war.
It came as Cuba claimed to have uncovered a trafficking ring to supply troops for Putin’s Ukraine.
The Caribbean island’s foreign ministry said the network had recruited expat Cubans living in Russia and some living at home.
But senior officials stressed that although the country is an ally of Russia, it “does not form part of the conflict in Ukraine”.