The 18-year-old has attracted attention from Serie A giants Juventus and Napoli, but it looks as though the Brazilian has his heart set on a move to England and the Premier League.
Chelsea are favourites to sign Wallace, who would join compatriots Oscar, David Luiz, Ramires and Lucas Piazon at Stamford Bridge, should the reigning European champions clinch the deal.
"It's always helpful having Brazilian team-mates playing alongside you, as they normally are settled down, so they can give you some advice and this is important, even regarding language," the U20 international told Fox Sports Brasil.
"Now that I'm moving to London I'll have to learn some English but they are used to this and they will surely help me a lot.
"I used to follow the Spanish league and its big clubs like Real Madrid but now as I'm moving to Chelsea I'm following the club more closely, especially after the Champions League title."
A fee in the region of £5million has been touted for a player that clearly has been identified by Chelsea prior to the interim appointment of Rafa Benitez last week.
The Spanish coach's arrival in west London is unlikely to affect the agreement that - according to Wallace - has already been agreed between the two parties, with the South American starlet openly excited about his future.
"I watch Chelsea games whenever I can," he added. "Sometimes I can't watch because I'm playing or concentrated with my team, but I don't miss a chance to see them playing on TV."