Seahawks sign QB Brady Quinn
Wallace, meanwhile, is scheduled to work out for the Oakland Raiders on Wednesday.
He completed a career-best 56.9 percent of his pass attempts (112 of 197) for 1,141 yards, two touchdowns and eight interceptions last season. He is a career 53.8 percent passer, throwing for 3,043 yards with 12 touchdowns and 17 interceptions in 24 career games.
ESPN NFL Insiders Ed Werder and Adam Schefter contributed to this report.
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