Wallace could be set for an immediate loan exit from Chelsea with a host of clubs interested in the Brazilian new boy, according to his agent.
The 19-year-old full-back signed for Chelsea from Fluminense in December but was loaned back to the Brazilian club with the expectation of moving to England this summer.
But the return of Jose Mourinho to Stamford Bridge could change those plans and while agent Fred Moraes still anticipates his client staying with the Blues he has not ruled out a loan move.
"Wallace is leaving Fluminense on Tuesday and I think it's important to say that he will go to England in early July," Moraes told Lancenet.
"Our intention is that Wallace stays at Chelsea during his first season there but it will depend on what Jose Mourinho decides.
"A loan deal has not been ruled out. Clubs have already expressed interest again due to all the speculation.
"There are two Italian clubs that are interested and a German club have sounded us out too."