Neither side would comment on the issue, but Beane wouldn't go as far as to deny the whole deal.
"We're not in position to comment right now," Beane told Bay Area News Group.
In two minor league seasons, Wallace is a .302 career hitter with 34 home runs. He has the potential to hit for 20-30 home runs once he reaches the major leagues.
Taylor, 23, is .312 career hitter with 45 home runs and a .383 OBP in three minor league seasons. He also has the potential to hit for power in the major leagues.
There is no timetable for an announcement of the deal.