The Brazilian has joined the Serie A side on a season-long loan after successfully completing his medical earlier on Tuesday
The Brazilian, who joined the Blues from Fluminense in January, underwent a medical at San Siro earlier on Tuesday as he looked to secure first-team football away from Stamford Bridge, after Jose Mourinho noted in July that a lack of work permit this season would necessitate a temporary spell elsewhere.
The Nerazzurri confirmed the signing via their official website on Tuesday, and Wallace is now relishing the prospect of donning the famous shirt under Walter Mazzarri.
"Wallace is truly very happy that things all went for the best and now he just wants to wear the Inter jersey as soon as possible," agent Frederico Moraes earlier told Tuttomercatoweb.com.
The 19-year-old right-back is poised to become Mazzarri's 12th recruit of the transfer window since leaving Napoli in May to take over from Andrea Stramaccioni.
The Nerazzurri coach has brought in centre-backs Rolando and Matias Silvestre, while Diego Laxalt, Mauro Icardi and Ishak Belfodil have been added to the forward line.
Inter start their Serie A campaign with a home game against Genoa on August 25.