Wallace plans to sign his $2.7 million tender and return to the Steelers after Saturday's preseason game in Buffalo. ESPN NFL Insider Adam Shefter reported last week that Wallace was expected to report before the end of the preseason so he could be ready to play in the Sept. 9 season opener at Denver.
Wallace, a starter in the Pro Bowl last season, did not take part in any of the Steelers' offseason workouts, mandatory minicamp or training camp. He hasn't signed his restricted free-agent tender because he wants a long-term deal. The Steelers suspended talks on a new contract until Wallace reported to the team.
In the first three years of his career, Wallace has 171 receptions for 3,206 yards with an average of 18.7 yards per catch. He has 24 touchdowns.
Last season, Wallace's 1,193 receiving yards ranked 11th in the NFL. And his 21.0 yards-per-catch average in 2010 was tops among players with at least 50 receptions. Wallace was having one of the best statistical seasons in the NFL last season with 43 catches for 800 yards and five touchdowns through October.