The Dolphins are trying to upgrade their offensive weapons, having already re-signed wideout Brian Hartline to a five-year contract extension earlier this week.
Wallace spent his first four seasons in the NFL with the Pittsburgh Steelers becoming one of the league's premier deep threats. He reportedly turned down a five-year, $50 million offer from the Steelers last offseason. After two straight seasons with over 1,000 yards receiving, Wallace only had 64 receptions for 836 yards and eight touchdowns last season.
He is seeking a long-term deal "He prefers warm weather," the source said.
Wallace would be the speed threat that Miami's offense has lacked. Wallace has a 17.2-yard average per catch despite Pittsburgh shifting to a short passing offense in 2012. Wallace was expected to draw offers from multiple teams that would average between $11 million and $12 million a season. But the steamy climate where the Dolphins are based could be the tiebreaker as Wallace mulls where to play.