The 18-year-old right-back, who made his senior debut earlier in 2012, will complete his transfer in January but delay his arrival at Stamford Bridge until the end of the season
The 18-year-old defender is a former Brazil Under-17s international colleague of new team-mate Lucas Piazon and moves to Stamford Bridge for an undisclosed fee.
An attack-minded right-back with pace, the youngster has played only 18 league games for the Brazilian side, having made his senior debut earlier in 2012.
|3/1||Brazil are 3/1 with Bet365 to win World Cup 2014|
Having joined Fluminense in 2005, Wallace has drawn comparisons to another full-back produced by the club, Real Madrid's Marcelo.