From ESPN: "Chelsea are set to sign Fluminense right-back Wallace for €5.5 million. Brazilian news outlet Globo Esporte had reported the deal on Wednesday and, while Chelsea are refusing to make any official comment at this stage, ESPN sources have confirmed that there is an agreement in place."
The report adds that he is likely to remain in Brazil on loan and move to Chelsea next summer. The club are yet to comment on the reports.
So who is Wallace, and what can we tell you about him?
1) Wallace is 18 and is a Brazil under-20 international, and was born just three months before his nation won the 1994 World Cup.
2) He plays for Fluminese, whose famous former players include Rivelino and Carlos Alberto.
3) The right-back has made 16 appearances in Brazil so far this season, scoring once.
4) He is a former, and future teammate of Chelsea wonderkid Lucas Piazon, the pair played together for Brazil's under-17 side a year ago.
5) This deal has long been in the pipeline. Chelsea secured 40 per cent of Wallace's rights as part of the deal to sell Deco to Fluminese in 2010. They are now seemingly set to make good on their interest and buy out the remaining portion of his value to secure his signature.
Check out his first and only professional club goal to date, scored from the left hand side rather than the right...
Are you excited about Wallace potentially coming to Chelsea?
image: © Ben Sutherland