Brazilian right-back Wallace is expected to follow Kevin de Bruyne in taking the scenic route to the Chelsea first team.
He impressed in the Blues' opening pre-season game, winning a penalty against Singha All Stars in a 1-0 victory.
Jose Mourinho said after the game the plan was to send the hot prospect out on loan for 12 months, with a club yet to be determined.
"He's a good player and he won't be staying with us, because we have [Branislav] Ivanovic and [César] Azpilicueta for the same position. He's also non-EC so we'll not get the visa, it'll be too early, so he'll go on loan for a season.
"We'll get the best option for him, in Europe. We want him to adapt. We'll see the best of him: he has talent and is one more investment for this club, a good investment, because the kid is a very good player."
Roma were claimed to be early frontrunners, but reports from the continent and even Brazil have brought another club to the fore; Benfica.
And there are several reasons why a link-up between Benfica and Chelsea on Wallace could be mutually beneficial.
The main one is that Wallace in joining Benfica would find a club at the perfect level at which to transition himself to Chelsea.
In Portugal's Primera Liga competition is of a high standard, while not as intense as Italy's Serie A. It is seen as an ideal stepping stone for players to prove themselves before moving to the 'big leagues', which he would instead be doing instantly by joining Roma.
Wallace, a native Portuguese speaker, would feel at home in the country, as he adapts to his first season away from his homeland at a young age.
Benfica have a number of South Americans in their squad and have a history of helping them settle, indeed it was the club at which Chelsea's David Luiz made his name.
And Luiz can no doubt fill him in on what to expect at Benfica, while Chelsea loaning Wallace there could help them in their pursuit to bring back one that got away.
As part of the Luiz deal, Chelsea sold Nemanja Matic, who has developed into a star midfielder in his own right, one who the club were even interested in buying back until Benfica stated it was his €30 million buyout clause or nothing.
Loaning them Wallace could help boost relations in regard to a future deal, and indeed one on new Benfica signing Lazar Markovic.
The Serbian starlet had been linked to Chelsea before signing, and indeed some unconfirmed reports claimed he had signed for the Blues and then been loaned out, although it appears this is not the case.
The teenager scored two on his Benfica debut in a recent friendly, indicating he is very much a player Chelsea should keep an eye on.
The club can only put themselves in a better negotiating position for future deals by agreeing to send them Wallace on loan, and it may just be the perfect level and surroundings for the right-back to blossom, in essence; it's win-win.
Do you agree? Is Benfica the ideal club for Wallace?
image: © Crystian Cruz