The 27-year-old spent four seasons with the Steelers before moving to the Dolphins in a big-money deal in the off-season.
Wallace told reporters: "I already know how my welcome is going to be, it's not going to be too pretty.
"I'm on a new team. I'm pretty sure they're not going to like that too much, but we all have to move on, I've moved on."
Wallace has 56 receptions this season for 743 yards, scoring three touchdowns.