The scholarship offer has been on the table for a year already.
"Everyone has said that I'm going to go to North Carolina," Wallace said. "But it's never come out of my mouth that I verbally committed there or anything like that. I'm still wide open."
"His options are truly open," said Wallace's father, Montey. "If he was really leaning towards North Carolina that much, he'd already have done it by now. I won't say North Carolina isn't in the running because they definitely are, but he's exploring all of his options right now."
Wallace said that while he hasn't been thrilled to watch as his ranking has dropped after he didn't meet expectations last summer, he also realizes its just adversity that will make him stronger – and better – in the long run.
"Everyone wants to be in the top 10, top five or number one in the nation," Wallace admitted. "That's one of my desires. I took this past summer as a learning experience."
North Carolina is still recruiting Wallace and even though the Tar Heels were his dream school growing up, Wallace realizes that UNC may not necessarily be the ideal fit.
"I got a phone call from Coach (Steve) Robinson and he let me know that they are still very interested in me and are still looking at me," Wallace said. "But I'm looking at other schools."
"They've been the most aggressive in recruiting me," he added. "I give a lot of credit to Coach (Jerome) Tang. He's done a great job to establish a relationship with me. They're good people."
However, Wallace reiterated that he's still wide open and that his list is lengthy – with offers from UNC, NC State, Wake Forest, Baylor, Clemson and Florida – and interest from the likes of UConn, Miami, Georgetown and Virginia Tech.