Wallace sustained a fractured fibula in a 27-21 loss to the Tampa Bay Buccaneers on Sept. 16.
"Mike Wallace is getting better, too. I will tell you that Mike will entertain some more individual reps, Wednesday, Thursday, and see where he's at moving forward," Eagles head coach Doug Pederson said.
Wallace had 52 receptions for 748 yards and four touchdowns last season with Baltimore and went over 1,000 yards for the third time in his career in 2016, hauling in 72 catches for 1,017 yards.
A third-round draft pick of Pittsburgh in 2009, Wallace averaged a career-high 21.0 yards per catch and had 10 touchdown receptions in his second season with the Steelers in 2010, notching 60 catches for 1,257 yards.
Wallace followed that up by earning Pro Bowl honors in 2011 with 72 receptions for 1,193 yards and eight scores. The 6-foot, 200-pound Wallace had 10 touchdown grabs in the second of his two seasons with the Dolphins in 2014, but dipped to 39 catches in 2015 in his lone year with the Vikings.
For his career, Wallace has 538 catches for 8,072 yards and 57 touchdowns in 144 games.