Last month, NFL.com's Ian Rapoport reported that the Dolphins were trying to trade Wallace. The receiver was benched for the second half of Miami's season finale, a 37–24 loss to the New York Jets, after he reportedly got upset about the way he was being used. Wallace said after the season that his return to the team in 2015 was in doubt.
Wallace signed a five-year, $60 million deal with Miami in 2013. He caught 67 passes for 862 yards and 10 touchdowns last season.
The 28-year-old was due $3 million in guaranteed money if he was still on the Dolphins' roster on March 14.
Wallace was selected by the Pittsburgh Steelers in the third round of the 2009 NFL draft. He spent his first four NFL seasons with the team before signing with the Dolphins.
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