The new deal will see Wallace become a Dolphin for at least the 2023 and 2024 season.
Wallace has recently openly spoken about the fact he would be open to a move to the Dolphins, with it seeming apparent the Titans were unwilling to extend his time on the glitter strip.
“My body feels good and I’m definitely not ready for retirement,” Wallace said recently.
“I went through a tough time going back to Queensland Cup at the start of the year but I’ve been happy with my form since my return to the NRL and I’ve definitely got plenty more to offer.
“I’ve been in the NRL for 10 years and played in a grand final (for the Broncos in their 2015 loss to the Cowboys), so my experience can be handy for a new club starting out like the Dolphins.
“I know Wayne from my time at the Broncos. We’ve had some talks and I have great respect for Wayne, so I’d love to play under a coach of his stature again.”
Wallace, who is now 30 years of age, will join the likes of Mark Nicholls and Jesse Bromwich as the experienced engine room, while the club have also added Melbourne Storm second rowers Kenneath Bromwich and Felise Kaufusi to their first roster.
Dolphins' CEO Terry Reader said he was excited about the forward pack the club had been able to build.
“Jarrod is a highly-experienced front rower who has had involvement in winning State of Origin teams and has also experienced the pressure of a Grand Final,” said Reader.
“We are really excited about the forward pack we have built so far, and Jarrod is just another key piece of that puzzle.
Wallace will link up with the Dolphins ahead of pre-season training in November.