Chelsea complete signing of full-back Wallace - report
Wallace, 18, has seen 40% of his economic rights owned by the Blues since August 2010, when a portion of his ownership was transferred as part of the deal that took Deco to the Brazilian side.
The deal is yet to be officially confirmed, but the newspaper reports that it will be announced at the conclusion of the Brasileirão championship - which Fluminense could secure this weekend.
The clubs and Wallace's representative, Fred Moraes, met on Tuesday afternoon in Rio de Janeiro to complete a deal which will see the Brazil Under-20 international move to England in June 2013.
The full-back was part of the same Brazil Under-17 side as Chelsea midfielder Lucas Piazon at the 2011 World Cup in Mexico and, soon after the tournament, found himself making steps at first-team level.
Wallace has made 23 senior appearances for the Tricolor Carioca and looks set to shortly add the Brasileirão title to the Rio de Janeiro state championship title he won in June.
Fluminense have reportedly lined-up Ponte Preta's Cicinho as a possible replacement for the 2013 season.