Reserve shooting guard MarShon Brooks, who is also dealing with a sprained left ankle, is out as well.
Wallace has been out since suffering the injury late in the fourth quarter of his team's regular-season opening victory over the Toronto Raptors last Saturday.
Nets coach Avery Johnson said he wants to get Wallace through a full practice and see how he recovers before getting the 12-year veteran back into a game.
"He got out and got some shots up on the practice court today," Johnson said. "So what we're gonna do tomorrow is see if he's able to practice. If he's able to go through a full practice (and a) full shootaround, then he'll be available on Tuesday. If it's not Tuesday, then we'll see if he can go through the full practice on Wednesday and be available for Thursday. If it's not Thursday, then we'll have him ready at some point on the road trip."
The Nets struggled in their first two games without the versatile 30-year-old defender, but allowed just 68 points on Friday night in their 39-point blowout victory over the Magic. It was the first time the Nets held an opponent to 68 points or fewer since Apr. 5, 2009 against the Philadelphia 76ers, according to the team's public relations staff.
Brooks, 23, also missed Friday night's game against Orlando after spraining his left ankle during the team's morning shootaround.
"We'll see how (MarShon) feels tomorrow," Johnson said. "I'd like for him to practice tomorrow and show me what he can do in practice -- show me that he can push off and be confident -- but until that happens, we'll continue to treat him and see how he feels."
In his only game this season, Wallace scored 10 points, grabbed six rebounds and dished out four assists in 30 minutes.
Veteran Keith Bogans has been starting in Wallace's absence.
Brooks, a key contributor off the bench, is averaging 10.3 points, 2.3 rebounds and 1.3 assists in three games for the Nets (2-2).
Mike Mazzeo is a regular contributor to ESPNNewYork.com.