The Australian version of the cookery reality show has been compared to The X Factor and Big Brother because of twists to the format, which include the contestants being filmed living together during the competition.
This year's final broke Australian viewing figure records, which made it the most watched non-sporting event since ratings began,
Speaking about the show's hit ratings overseas, UK host Wallace said: "It's led to great viewing figures. A quarter of the population watches in Oz and the Big Brother element has a lot to do with it... The Australian version is being monitored very carefully."
When asked if he would approve of the British show copying the changes, he added: "Well, it's not up to me. I'm just a spoon for hire, trying to keep the show stirring along sweetly."
This year's UK MasterChef final, which was won by Dhruv Baker, picked up 5.6 million viewers for the BBC.