Tannebaum was asked about Wallace on radio station WQAM, and specifically about Wallace not playing the second half of the team's season-finale, a 37-24 loss to the New York Jets. He says he wants to hear what Wallace has to say before making a decision.
"I want to go down there and be a good listener," Tannenbaum told WQAM, according to the Sun-Sentinel. "Two sides to every story."
Wallace is scheduled to make $9.85 million in base salary next season, with a $5.2 million salary cap hit if the Dolphins decide to release him. Wallace is guaranteed $3 million of that salary if he is on the roster at the beginning of the league year in March.
"We'll make the most responsible decision for us possible," Tannenbaum said of Wallace, according to the Sun-Sentinel.
Wallace recently said he wasn't sure if he would return to the team next season.
"I'm not the general manager or anything, or the head coach," he said last month. "I'm not sure."
Wallace caught 67 passes for 862 yards and 10 touchdowns in 2014 for the Dolphins (8-8), who have missed the playoffs each of the last six seasons.
- Scooby Axson