Wolf, 37, opted out of the minor league contract he signed in late June. He posted a 4.20 ERA with 12 strikeouts and five walks over 15 innings with the Triple-A Norfolk Tides.
Wolf started four games and made two relief appearances for the Orioles this season, recording a 4.38 ERA with 19 strikeouts and six walks over 25 2/3 innings.
Wallace, 27, has played all season with Norfolk, batting .265 with 10 home runs and 35 RBI.
Baltimore opened Monday leading Toronto in the American League East by four games.
Os officially announce Randy Wolf has been given his release and INF Brett Wallace has been traded to Toronto for cash considerations. — Brittany Ghiroli (@Britt_Ghiroli) July 14, 2014