According to WNSP (Mobile) Saints Going After Mike Wallace

I don't really want him. He doesn't offer a great skillset other than as a deep threat. He's also, not a very good teammate, a bad locker-room guy. That's not typically the type of player that Payton likes to go after.

This is in addition to the huge payday that he's looking for. I seriously doubt that anything come of this rumor.