Mike Holmgren already is making deals with his former team.
"This will give Seneca a chance for a fresh start," Seahawks general manager John Schneider said in a statement released by the team. "The Browns front office's familiarity with his abilities will give him an opportunity to compete for playing time. We wish him nothing but the best."
Holmgren had consistently stated he was still evaluating his quarterbacks, but he revealed at last week's NFL Scouting Combine that a decision had to be made before Anderson's $2 million roster bonus was due, reportedly on March 19.
Wallace's best season was 2008 when he started eight games in Holmgren's last season and threw for 1,532 yards and 11 touchdowns. Wallace started two games last season while starter Matt Hasselbeck was injured.
The Seahawks selected Wallace in the fourth round of the 2003 draft. He played in 46 games for Seattle, including 14 starts at quarterback, and he threw 25 career touchdown passes with a rating of 83.2. He also was sometimes used as a wide receiver and returner, catching four passes for 76 yards and rushing 54 times for 214 yards.
Copyright 2010 by The Associated Press