Wallace joined up with his new teammates yesterday having become a free agent when he was released by the San Francisco 49ers last week. The veteran allegedly asked to be let go after just seven days with the 49ers due to a lack of chances to make the first team.
The 33-year-old has spent the majority of his career as a back-up quarterback and will fulfil that role again this season as he plays understudy to Rodgers, who became the highest-paid player in NFL history this summer.
The Packers released BJ Coleman in order to make room for Wallace on the roster.
The 24-year-old joined the Packers last season having been selected in the seventh round of the 2012 draft.