Wallace returned home to Alabama after Saturday's loss to the Cleveland Cavaliers and was not with team for Monday's shootaround. A team official said Wallace should rejoin the club sometime this week.
Wallace is second behind Jason Richardson on the team in scoring at 15.3 points per game. He was held to one point on 0-of-6 shooting against the Cavaliers after learning of his grandmother's death hours earlier.
Forward Sean May is expected to play against the Heat despite being slowed by tendinitis in his surgically repaired right knee.