The Blues have long been linked with the 18-year-old defender and a deal is close to coming to fruition, according to his representative Frederico Moraes.
Chelsea have reportedly owned a 40 per cent stake in Wallace since 2010, following Deco's free transfer from Stamford Bridge to Fluminense, and are set to pay £4.4million for the youngster.
Speculation has surfaced the Blues will send the defender straight back to Fluminense on loan once the deal is done, while Serie A club Roma have also been tipped as a possible destination.
But Moraes is adamant Wallace will play for Chelsea if he completes the move to West London.
He told Centro Suono Sport: "There are very advanced negotiations with Chelsea and the signature is almost certain.
"If Wallace goes to Chelsea, he will be playing there.
"I had contact with Roma and many other Italian clubs, but that was a long time ago.
"I rule out the possibility of a loan (from Chelsea to Roma). If he joins Chelsea he will play for the Blues."