But Wallace is not considered to be the full answer to Chelsea's problems in that position, with speculation mounting that the Stamford Bridge outfit remain interested in securing the signing of Cesar Azpilicueta.
Robert Di Matteo's side have a 40 per cent stake in Wallace's status as part of the deal that saw Portuguese midfielder Deco return to Fluminense last summer.
And now it appears the European champions are ready to take advantage of that financial interest by completing the paperwork over the coming days.
Wallace would be Chelsea's fourth summer signing after the arrivals of Eden Hazard, Marko Marin and fellow Brazilian, Oscar at Stamford Bridge in recent months, while Kevin De Bruyne recently joined up with the squad having signed a deal in January - but has moved on loan to Werder Bremen.
But Di Matteo remains hopeful of clinching the signing of long term target Azpilicueta from Marseille with the Stade Velodrome outfit reportedly willing to listen to offers of €10.8m upwards.
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