"It's up to Breshad," Newsome told the Baltimore Sun. "He knows this is his opportunity to make or break being part of the Ravens."
Newsome noted that Perriman, who is in the final year of his rookie deal, will participate in offseason workouts.
Perriman sat out his rookie season with a knee injury after being selected with the 26th overall pick in the 2015 NFL Draft. The 24-year-old had just 10 receptions last season and 43 over his last two campaigns for the Ravens, who likely will undergo significant change at the wide receiver position.
Wallace had a team-best 748 receiving yards last season and tied tight end Benjamin Watson with a club-high four touchdown receptions.
"We're looking for the opportunity to change that room in terms of personnel and the people that's in that room," Newsome said. "We're going to leave no stones unturned."