The 19-year-old defender reported for pre-season training with the Premier League club earlier this week, after agreeing a deal to sign for the Blues from Fluminense last December.
Wallace is unlikely to be in first-team contention at Stamford Bridge in 2013/14, given the competition for places in Jose Mourinho's senior squad.
With Branislav Ivanovic and Cesar Azpilicueta currently ahead of the Brazilian in the pecking order at right-back, a temporary move away from west London might benefit both player and club next season.
His potential availability has alerted a number of clubs in Serie 'A', according to Wallace's representative, Frederico Moraes.
"There has been a lot of talk about him, and Inter have now emerged, too," he told Tutto Mercato. "But at the moment there are no concrete offers.
"The interest from (Roma sporting director, Walter) Sabatini is not a mystery but no concrete offers have arrived.
"Until you reach this point, there is no point in talking about a transfer."
The Samba starlet joins a growing contingent of Brazilian players at Chelsea, with Ramires, David Luiz, Oscar and Lucas Piazon all currently under contract with the Europa League champions.