My understanding is that nobody can get enough Wallace news. Ever. There's been a lot talk of sending the young right back, acquired from Fluminense last winter, away on a loan deal to get him ready for his Chelsea career. Apparently, that's not going to happen until, at least until after the preseason tour:
Scheduled meetings with Roma?
"Not at the moment, we have no information about. The only thing certain is that participate in the summer tour of Chelsea."
-Agent Frederico Moraes. Source: TuttoMercato.
This makes a certain kind of sense. If Wallace is close enough to the first team that the decision on whether or not to loan him out would depend on the manager, I doubt that Jose Mourinho's seen enough of Wallace to make that call. A preseason with Chelsea would allow him to gauge the youngster for a little.
There are risks, of course. The longer that Wallace has to wait before the decision is made, the more trouble he'll have fitting into his new team if he does go on loan after all. But don't overstate this risk -- Kevin de Bruyne and Romelu Lukaku both made several appearances in the states and did just fine when they went out on loan. If I had to guess, I'd say Wallace gets a couple of games and then gets sent to Serie A. But we'll see.