Mike Wallace has agreed to terms with the Dolphins on a five year deal, expected to average in $12M/yr range
— Jason La Canfora (@JasonLaCanfora) March 12, 2013 
According to Jeff Darlington of NFL Network, Mike Wallace is taking his physical with the Miami Dolphins and about to sign with the team as well.
Mike Wallace is indeed on the verge of becoming a Miami Dolphin, I’m told. He’s taking a physical. The sides have reached an agreement.
— Jeff Darlington (@JeffDarlington) March 12, 2013