Wallace, who has yet to sign his $2.472 million restricted free-agent tender, wants a long-term contract and is currently holding out of training camp after negotiations broke off with the team on Wednesday.
The Steelers then turned around and handed No. 2 wide receiver Antonio Brown a five-year, $42.5 million extension on Friday, fueling speculation that the team might trade Wallace before the start of the season.
Wallace caught 72 passes with eight touchdowns last season, averaging 16.6 yards per catch. He has developed into one of the NFL's top deep threats in his three seasons.