Wallace's disappointing loan spell at Inter is set to come to a premature end, according to Sky Italia.
The 19-year-old joined Chelsea from Fluminense at the end of 2012 but spent the rest of the season playing for the Brazilian side before arriving at Stamford Bridge in the summer of 2013.
Not looking likely to feature in first-team plans in London, Wallace was shipped out to Inter to gain some experience on a season loan.
However, Wallace has barely had a look in at San Siro, making a total of just four appearances split between Serie A and the Coppa Italia.
There has been regular speculation that Wallace's loan could be terminated if he didn't get a run in Walter Mazzarri's side but the player's agent has always said he intends to stay and fight for a place.
It is expected that Chelsea will find another club to send Wallace to on loan where he is more likely to command a place in the starting 11.
Wallace has represented Brazil at Under-17 and Under-20 level but will need much more experience at the highest level if he is to break into the senior national team.
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