Chelsea defender Wallace is the subject of interest from Inter Milan and Roma, according to his agent.
The Brazilian full-back signed an agreement with Chelsea in December and has now linked up with the Premier League club for pre-season training.
But several Serie A clubs are targeting the 19-year-old as a prospective loan signing and agent Frederico Moraes refused to rule out a move.
"There has been a lot of talk about him, and Inter have now emerged, too," Moraes told Tutto Mercato.
"But at the moment there are no concrete offers."
He added: "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."