It's assumed that Wallace will not be a long-term answer for the quarterback position, but Wallace will probably compete for the starting job with Brady Quinn. It is expected that Derek Anderson will be let go before his $2 million bonus is due on March 19.
The details of the deal are not yet known.
Wallace threw for 700 yards in 2009, with three touchdowns and two interceptions. Wallace also sparingly played wide receiver as a dual threat in Seattle.
While Cleveland could use assistance at wide receiver, it will depend on Wallace's purpose and role in Cleveland, and ultimately what Mike Holmgren has in mind.