Citing multiple sources whose names it did not report, the newspaper said Wallace will arrive in Pittsburgh this weekend to sign a one-year contract and could be in uniform Aug. 30 for the Steelers' final pre-season game if time allows.
Wallace has boycotted training camp after talks on a possible multiple-year deal broke down while he was a restricted free agent. No other team extended him an offer so his exclusive rights reverted back the Steelers.
The team has since offered the 26-year-old a one-year tender of $2.7 million, but Wallace -- who has racked up 2,450 yards on 132 catches over the past two seasons -- has refused to report.
During his holdout, the Steelers signed fellow wide receiver Antonio Brown to a six-year, $42.5 million contract.