The Washington Wizards basketball player announced this week in an article with Sports Illustrated that he is gay.
Following the news, Wallace wrote on Twitter: "All these beautiful women in the world and guys wanna mess with other guys SMH (shaking my head) ..."
He later deleted the message and wrote: "Never said anything was right or wrong I just said I don't understand!! Deeply sorry for anyone that I offended."
The Dolphins released a statement on their official website, which said: "Mike Wallace has apologised for his comments, and we have addressed the matter with him. Mike's comments do not reflect the views of the Miami Dolphins.
"We believe in a culture of inclusiveness and respect, and any statements to the contrary are in no way acceptable to our organisation. We will address the entire team about our policy of inclusion and make sure they all understand the importance of respecting individual choices."
Despite Wallace's comments, Collins has received widespread support from figures within basketball.