If we can trade him for an expiring contract period, nevermind getting a 1st rounder with it, that will be an excellent trade for us.
Heck, even if we can shave a year off of his contract I'd be pretty happy.
We'll probably have to send a pick along with him to shave a year or 2 off of his contract though.
Remotely potential candidates I see so far are:
Turkoglu (with a draft pick or 2 going to Orlando)
Al Harrington
Ty Thomas
Asik or Lin (if Wallace can somehow show that he's still a semblance of his old self, I think he'd be a good fit on Houston)
Tayshaun Prince (with a draft pick going to Memphis. assumes that Wallace shows to be more productive than Prince)
Amare (we'd have to send another productive player or 2 along to NYK)
Goran Dragic (we may have to take Beasley too)
Nene (if we get lucky)