Hamburg's Walace in action with RB Leipzig's Naby Keita
Walace, 21, had started in his native Brazil with Gremio, racking up more than 100 appearances for the club whilst also featuring for the Brazilian Under-20 side.
The defensive midfielder now has two caps for Brazil and even represented his country at the Olympic Games in Rio De Janeiro last summer, with his performances earning him a move to Europe last month.
Walace joined Hamburg just a day before the January transfer deadline, with The Mirror claiming that the Bundesliga outfit paid around £8million to lure him to the Volksparkstadion.
Walace has so far played twice for Hamburg, once in the Bundesliga and once in the DFB Pokal, and it seems that he's already attracting interest ahead of the summer transfer window.
The Mirror state that Everton and Leicester are both interested in Walace, with Hamburg allegedly already bracing themselves for summer interest in their most recent signing.
Leicester City manager Claudio Ranieri and Everton manager Ronald Koeman
Despite signing Wilfried Ndidi and Nampalys Mendy over the last year, Leicester are believed to be keen on adding another midfielder in Walace – but any move could hinge on their Premier League status.
Champions last year, Leicester are now in a real relegation battle, as last weekend's 2-0 defeat at Swansea City has left the Foxes just one point clear of the bottom three, with a move for Walace unlikely if they suffer relegation to the Championship.
Meanwhile, Everton have the likes of Gareth Barry, Idrissa Gueye, James McCarthy, emerging youngster Tom Davies and new signing Morgan Scheiderlin at Ronald Koeman's disposal in midfield, meaning Walace could be an option if a midfielder leaves Goodison Park this summer.
Would you like to see Everton or Leicester move for Walace this summer?