The Pittsburgh Steelers plan to tender, not franchise, restricted free agent Mike Wallace, according to a source close to the wide receiver.

This means another team could try to sign Wallace to an offer sheet that the Steelers would have the right to match -- or get a first-round pick in return.

The highest qualifying offer for Wallace is about $2.75 million, nearly matching the amount that Pittsburgh is now under the salary cap. To franchise Wallace would cost Pittsburgh $9.5 million, which it currently does not have the salary-cap space to absorb.

At the scouting combine last week, Steelers general manager Kevin Colbert sounded determined to keep Wallace.

"Having a great player like Mike Wallace is not a dilemma," Colbert said. "We're going to do everything we can to make sure that Mike Wallace remains a Pittsburgh Steeler and I think that's Mike's belief as well. Usually when you have two parties that share the same goal, it's easier to achieve that goal."

Wallace, however, acknowledged last week that he might not be playing for Pittsburgh this season.