Sky Sport Italia believe that the 19-year-old, who only joined the Premier League club from Fluminense this summer, is likely to sign for Walter Mazzarri’s men in the next few days.
It is, as yet, unclear whether the Brazilian will join on a season-long loan or on a more permanent deal.
But a meeting is likely to be set up between representatives of the two clubs in America this week, with a deal thrashed out before the weekend.
Wallace had been previously linked with a move to Roma.
Reports on Milan’s official television station have claimed that the club are willing to up their offer for Keisuke Honda.
The Rossoneri were holding firm with a bid of €3m for the CSKA Moscow midfielder, but following’s Robinho’s injury at the weekend, Milan Channel insist that the offer will be upped.
The Brazil international picked up a thigh strain against Valencia on Saturday, leaving Massimiliano Allegri’s side without a trequarista.
As such, they are willing to offer the Russian side more money, although an actual figure has not been released.
The Japanese attacker’s contract runs out in January 2014, and could join the San Siro team in the winter for free.
Norwich boss Chris Hughton has refused to comment on links with available Juventus striker Fabio Quagliarella.
The Premier League side are reportedly interested in the forward even though they had an initial 10 million euro (£8.7m) bid for the 30-year-old rejected.
“I've heard and seen those reports,” Hughton commented. “But it's exactly the same as our work with signing Gary Hooper [from Celtic].
“From our side we worked in the correct way, very much behind the scenes and until there was something official to say we didn't say it.
“I think the fact there are some players that are being linked with us in some ways is a good thing because it means we are trying to be pro-active and we are trying to improve.
“But certainly until there is anything to say we will wait.”
Juventus have again admitted that they are looking to trim their group of six strikers to five after netting Carlos Tevez and Fernando Llorente this summer.
Parma have again underlined that they have not received an offer from Juventus for Jonathan Biabiany.
The two clubs did hold negotiations about the transfer of a player who is co-owned with Udinese, but the Old Lady opted against closing the deal.
“I don’t know what will happen,” the wing-back’s agent Claudio Vagheggi told Sport Italia. “Football is unpredictable."
Juventus director general Beppe Marotta says Mauricio Isla won’t be sold and Juan Zuniga will not arrive from Napoli.
The Chilean international, co-owned with Udinese, is wanted by Inter, while the Colombian wing-back is on Juve’s radar given that his contract at the Stadio San Paolo expires in 2014.
“Isla is our player,” the official told Sky Sport Italia. “I’m not denying Inter’s approach for him, but, with no substitute, he will remain ours.
“He’s told us that he would like to stay and, with boss Antonio Conte’s blessing, he is a Juventus player.
“Zuniga? We have a good relationship with Napoli and we accept that they will not be selling him.”
However afternoon reports claimed that Juventus will try to persuade Zuniga to not renew his contract at Napoli.
Parma are considering extending the contract of Raffaele Palladino which is currently set to expire in June 2014.
The former Juventus youngster was being linked with a possible move to Padova, but it seems as if the attacking player will now remain at the Stadio Tardini.
Palladino, capped three times by Italy, will reportedly put pen to paper on a new three-year deal with the Gialloblu.
The ex-Genoa player, 29, has seen limited Serie A action over the last few years due to form and fitness issues.
- Sports & Recreation
- Premier League