Eagles coach Doug Pederson told reporters on Monday that Wallace suffered a fractured fibula during Philadelphia's 27-21 loss to the Tampa Bay Buccaneers on Sunday. Wallace did not record a reception this season. He was carted off the field in the first quarter on Sunday's loss.
"He will miss the next few weeks, obviously," Pederson said.
Pederson said Wallace will have more tests in the coming days.
The 32-year-old pass catcher was a third-round pick by the Pittsburgh Steelers in the 2009 NFL Draft. He played his first four seasons in Pittsburgh -- making a Pro Bowl in 2011 -- before joining the Miami Dolphins in 2013. Wallace spent the 2015 season with the Minnesota Vikings before joining the Baltimore Ravens in 2016.
He signed a one-year, $5 million contract this offseason with the Eagles. Wallace posted 748 yards on 52 receptions in 15 games last season with the Ravens.
Wallace is listed as the Eagles' starting flanker, backed up by DeAndre Carter and Kamar Aiken on the depth chart. The Eagles also have Alshon Jeffery and Shelton Gibson on the depth chart at wide receiver. Jeffery, 28, is still week-to-week while recovering from shoulder surgery.
The Eagles host the Indianapolis Colts at 1 p.m. on Sunday at Lincoln Financial Field in Philadelphia.