NFL Media Insider Ian Rapoport reported on NFL Total Access on Wednesday that the Dolphins are exploring the trade route based not just on Wallace's play, but also his fit in the locker room.
Wallace infamously removed himself from the season finale, leading to a shouting match with coach Joe Philbin.
The incident did not endear Wallace to teammates.
A one-trick pony as a deep threat having trouble clicking with Ryan Tannehill, Wallace is due $9.85 million in 2015 as part of a five-year, $60 million deal that runs through 2017.
The Dolphins are shopping him in untimely fashion, as the receiver free-agent market and 2015 draft class are both strong this year.
Miami executive VP of football operations Mike Tannenbaum chose to not discuss the trade noise Thursday morning on SiriusXM: "Wallace impacts the game without having the ball in his hands. We like him, but we will not comment on trade rumors."
Frankly, it's hard to imagine another team giving up anything of value for the rights to Wallace's bloated salary and prima donna attitude.