Wallace's representative has confirmed that the Chelsea defender is undergoing a physical ahead of a loan move to Inter.
The Brazilian, who joined the Blues from Fluminense in January, is set to move to San Siro for the 2013-14 season as Inter looks to improve on its ninth-place finish last season, with Jose Mourinho having noted in July that a lack of work permit this season would necessitate a temporary spell elsewhere.
Wallace has yet to make an appearance since moving to Stamford Bridge and is delighted at the prospect of linking up with Walter Mazzarri's side.
"He is undergoing his medical right now [on Tuesday]," agent Frederico Moraes told Tuttomercatoweb.com. "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."
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 center backs Rolando and Matias Silvestre, while Diego Laxalt, Mauro Icardi and Ishak Belfodil have been added to the forward line.
Inter starts its Serie A campaign with a home game against Genoa on Aug. 25.