Wallace has joined Chelsea for preseason training.
The new right-back signing from Fluminense has been linked with a loan move to AS Roma.
His agent, Frederico Moraes, told TMW: "Yes (he's begun training with Chelsea), and is very happy to have started training with (Jose) Mourinho and his new teammates.
"The interest of (Roma sports director) Sabatini is not a mystery, but no concrete offers have arrived."