I am posting this because I was unable to find any place on Stack Overflow that addresses this issue for a .Net-Core project utilizing WCF by adding the service reference through Connected Services.
My issue was that I was facing client side timeouts because of long running operation requests.
So, how does one increase the timeout values for the wcf client objects since .Net-Core no longer uses the web config to store the configuration values for the WCF service references? (Please see my provided answer)