The 18-year old Brazilian full-back has previously been linked with a £4.4million move to Stamford Bridge and now it appears that there is a massive chance he could be off to the Premier League in January if everything goes to plan.
"Wallace has been negotiated for a long time. He is a player that has impressed," he told Terra.
"Do you think people abroad sign someone based on one game?
"They watch a player for two, three months - sometimes even a year. They are taking a great player and Fluminense are completely right in selling him."
Caetano added: "I can't deny there are ongoing negotiations with Chelsea, but the deal isn't done yet, we still have exchange documents.
"And there is a non-disclosure agreement clause, and in case the information leaks, the deal might not happen.
"Let's hope this problem doesn't prevent the deal from happening."