Wallace is off-contract at the Titans at the end of the season, with a long-term stint at the club possibly set to come to an end.
At the present time, there has been no indication from the Titans that they will put out all the stops to retain Wallace, who, at 30 years of age, is one of the NRL's most experienced front rowers.
A player who played six games for the Queensland State of Origin team between 2017 and 2019, Wallace spent 73 games with the Broncos to begin his career between 2012 and 2016, before moving to the Titans where he has managed another 111 - taking his total to 174.
Speaking to News Corp, Wallace said he could bring plenty to the club "just starting out."
“My body feels good and I’m definitely not ready for retirement,” Wallace said.
“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 is on big money at the Titans - approximately $600,000 per season - and will need to take a pay cut wherever he ends up in 2023.
The veteran prop has struggled to find consistent minutes in 2022, although has made his way back into the Titans' side under Justin Holbrook in recent weeks, scoring a pair of tries in a recent clash against the Cronulla Sharks.
A hard-working forward, Wallace's list of suitors for 2023 is understood to be slim to none at this stage of negotiations.
The Gold Coast-born forward's chances of joining the Dolphins could also yet be hampered by the number of experienced, older players who have already been signed to the forward pack at the new club, including Mark Nicholls, Jesse Bromwich, Kenneath Bromwich and Felise Kaufusi.
The Dolphins have signed 14 players, but must have 24 players on the books by the first Monday in November under NRL rules.