Wallace, 29, appeared in a career-high nine games for the Steelers last season, playing both center and guard. He started the team's final four games at center.
Drafted by San Francisco in the fourth round in 2008, Wallace played only one game in his two years with the 49ers.
After spending time on practice squads over the next two years, the Texas A&M product saw action in eight games with Tampa Bay in 2012.
2014: The Year in Music [PHOTOS]