10 gauge wire would be overkill and that stuff is impossible to work with.
I think the rule of thumb is to try to keep the resistance of the wire to 5% of the nominal impedance of the speaker. For a 40 foot run you can even get away with 16 gauge, although I'd step down to 14 gauge just for peace of mind.
All of my speakers, except the front three, are connected to wall plates. I didn't see the need to run the front three to a wall plate when you still need to connect wire from the wall plate to the speakers themselves.