It's not implausible that the Patriots would put feelers out on Wallace. Tom Brady's contract extension generated cap space, and Wes Welker's future with the team is uncertain. On top of that, Brandon Lloyd might be facing his release after a disappointing season.
New England has two of the NFL's most dynamic pass-catching tight ends in Rob Gronkowski and Aaron Hernandez, but the team lacks what Randy Moss once gave the offense. Nobody on the roster can take the top off a defense, something Brady made the most of when Moss was in town. Wallace is an incomplete wideout -- he's not going to work the entire field, he's frustrating in that sense -- but he would give New England a wild new dimension.
With that said, multiple teams will pursue Wallace, and the Patriots aren't the bidding-war type. Even if Bill Belichick has an eye for Wallace, there's a difference between "interest" and the steps that come next.
Follow Marc Sessler on Twitter @MarcSesslerNFL.