Chelsea full-back Wallace has joined Brazilian Serie A side Gremio on loan until June 2017.
The 21-year-old signed for the reigning Premier League champions from Fluminense in 2013 but is yet to make a first-team appearance at Stamford Bridge.
Following loan spells at Inter - where he made three substitute appearances in 2013-14 - and Eredivisie side Vitesse Arnhem, Wallace joined Italian top-flight newcomers Carpi for the current campaign.
He started one game apiece in Italy's Serie A and the Coppa Italia on his return to Italian football but he will now ply his trade in his homeland of Brazil once more.
Chelsea confirmed the move in a statement on their official website on Thursday.
Wallace is capped at Under-20 and Under-17 level for Brazil.
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