Although Wallace, 21, has experienced substantial success in the Truck series with Kyle Busch Motorsports the past two seasons, JGR - with whom he is under contract - had been unable to secure sponsorship for Wallace to run fulltime in any NASCAR national series in 2015.
The move will allow Wallace, whose victory at Martinsville, Va., last season made him just the second African-American to win a national series race in NASCAR history, to join another organization that can provide him a fulltime ride.
A spokesman for JGR on Monday confirmed the organization has released Wallace from his contract but declined to comment on Wallace's destination.
The most likely destination for Wallace appears to be Roush Fenway Racing, sources said. RFR already plans to field Nationwide teams for drivers Elliott Sadler, Chris Buescher and Ryan Reed in 2015.
A request for comment was not immediately returned by RFR.
Wallace was expected to run up to a 10 races next season with JGR in what will become the Xfinity Series on Jan. 1. JGR owner Joe Gibbs had said he expected to have a "big program" for the driver who was born in Mobile, Ala., but grew up in the Charlotte area.
In interviews before the end of the season, Wallace said he was not worried about the lack of a fulltime ride. “I'll take what I can get,” he said. “I can only go out there and continue to run up front, lead laps, and win races."
