"Tim is a versatile forward and played well with Tampa Bay to finish the year," Ron Francis, Carolina's vice president of hockey operations, said in a statement Thursday. "He has a good amount of pro experience and should challenge for a spot with the Hurricanes in training camp."
Wallace, 27, split the 2011-12 season between the New York Islanders and the Tampa Bay Lightning, scoring three goals and adding six assists for nine points in 49 games. All three goals and five of the six assists came in 16 games with the Lightning after Tampa Bay claimed him on waivers from the Islanders on Feb. 23.
After playing four years of college hockey at Notre Dame, Wallace signed with Pittsburgh in the fall of 2006 and played five seasons in the Penguins' system before signing with the Islanders as a free agent last summer. Wallace has scored three goals and earned eight assists for 11 points in 79 career NHL regular-season games with Pittsburgh, the Islanders and Tampa Bay. He has 84 goals and 157 points along with 307 penalty minutes in 328 AHL regular-season games with Wilkes-Barre/Scranton and Bridgeport.