UPDATE (Monday, 10:15 a.m.) -- Seneca Wallace signed a contract with the New Orleans Saints, the team announced via Twitter.
Saints have signed QB Seneca Wallace to a one-year deal today— New Orleans Saints (@Saints) April 15, 2013
Hold up on all that Seneca Wallace-to-the-Raiders talk.
A source with knowledge of the situation has confirmed that reports Wednesday of the veteran backup quarterback agreeing to terms with Oakland are inaccurate. At least, at the moment.
Wallace purportedly worked out with the Raiders, along with Tyler Thigpen, on Wednesday when numerous reports broke that Wallace, who was out of football last season, was about to sign with Oakland. The team, though, has not confirmed the workout.
[RELATED: Report -- Wallace to sign with Raiders]
The 5-feet-11, 196-pound Wallace was a fourth-round draft pick of Seattle in 2005 and has played in 62 games in the NFL, starting 21 times. The Sacramento native is 6-15 and has one victory since 2008. Wallace would seem to be a cost-effective veteran presence needed in the Raiders' QB room, having thrown for 4,808 yards in his career on a 59.2 completion percentage with 31 touchdowns and 18 interceptions and an 81.3 passer rating.
Matt Flynn and Terrelle Pryor have started a combined three NFL games.
Wallace was with Seattle the first five years of his career playing for Cleveland for two years.