Wallace, 33, spent most of his career at Seattle, backing up the oft-injured Matt Hasselbeck. Wallace is a 10 year veteran with a career passer rating of 81.3 along with 31 passing touchdowns and 4,808 yards.
The quarterback was last on the San Francisco 49ers preseason squad, joining Aug. 22 and asking for his release Aug. 29. Wallace felt he would not get any playing time behind the team's starter Colin Kaepernick and backup Colt McCoy.
The Packers must have heard about the mini-drama taking place in San Francisco, and, needing a backup QB fast, they cut Coleman and signed Wallace.
With Wallace, the team gets a veteran who has started 21 games (winning six). Wallace will at least give the Packers a chance to compete should Rodgers go down.