Attacking fullback Wallace has had a bit of a rough ride in Europe so far, especially after his first loan spell failed rather spectacularly: he made only 4 appearances totaling only 129 minutes the entire season at Inter Milan. Last year he traded the Serie A for the Eredivise and Vitesse, starting 15 league games, scoring a goal and notching three assists while helping the club achieve Europa League qualification. Late in the season he was often used as a right winger to good effect as well.
Despite that success, Wallace was not likely to go into the Chelsea first team. He probably could have gone back to the Netherlands, but apparently that is also not what's going to happen. According to Gianluca Di Marzio, Wallace's destination this season should be Serie A newcomers Carpi FC.
Hopefully, Wallace's second spell in Italy will be much more successful that his first one.
ed.note: Carpi is a town near Modena -- it's not the island (or the trousers, or the car), which is Capri, and which lacks a professional football team. Carpi won Serie B last season and this will be their first ever season in the top flight. One of their players is the rather tastefully named Kevin Lasagna.