Chelsea youngster Wallace looks set to join Inter Milan on a season-long loan deal for the 2013/14 campaign, according to his representatives.
The 19-year-old, who is yet to play for the Stamford Bridge outfit, joined the Blues in January from Fluminense and will now try and help the Italian outfit improve on their ninth placed Serie A finish last season.
Jose Mourinho had stated earlier in the summer that the starlet would have to make a temporary move away from Stamford Bridge, after issues with his work permit.
And, on Wallace's expected move to the Italian side, his agent Frederico Moraes told TuttoMercatoWeb: "He is undergoing his medical right now.
"Wallace is truly very happy that things all went for the best and now he just wants to wear the Inter jersey as soon as possible."
The young Brazilian will become Inter's 12th signing of the summer as the Italians continue to overhaul their squad under Walter Mazzarri.
Inter don't begin their Serie A campaign until August 25 and will hope their latest acquisition can help them climb the table in the 2013/14 season.