We have an update this afternoon ob the talks to bring Wallace to Inter Milan on loan, courtesy of Tutto Mercato. Here's what they had to say:
As reported by Sky Sports Inter ended with Chelsea for the exterior Wallace. A few minutes ago the two clubs have also solved the final details for the transfer of Brazilian and came signatures on contracts. In the next hours the player will fly to Milan for a medical and the official presentation. Wallace will come to Inter on loan.
With Inter deploying a 3-man back line thus far in the preseason, it seems as if Wallace will be playing a more advanced role than we're accustomed to seeing him in. His tools would seemingly make him an ideal fit for a wingback role, but how he develops for a defensive standpoint is a bit of a concern.
In the end, minutes in a decent league are probably far more important at this point than playing a specific role, and Wallace will almost certainly get plenty of those on a terrible Inter team. I'd expect to hear confirmation of this one soon.