The agent of Fluminense teenager Wallace claims a proposed move to Chelsea is almost complete for the 18 year old defender.
His representative Frederico Moraes has also ruled out the teenager then being sent out on loan.
He told Centro Suono Sport: "There are very advanced negotiations with Chelsea and the signature is almost certain.
"If Wallace goes to Chelsea, he will be playing there.
"I had contact with Roma and many other Italian clubs, but that was a long time ago.