The Associated Press

SANTA CLARA, Calif. € Shut out in their bid to sign their top two free agent targets, the San Francisco 49ers began considering alternatives yesterday.

''We've got to go back to the drawing board,'' club president Carmen Policy said. ''It's all part of the drama that surrounds this sport, even during the non-season, so stay tuned.''

They waived tackle Steve Wallace yesterday to gain $1.4 million in salary cap room to help finance their search for a running back and pass-rush specialist.

The 49ers had signed running back Rodney Hampton to a six-year, $16.45 million offer sheet last Saturday, but the New York Giants opted to retain their transition player by matching San Francisco's bid.

''It's disappointing for two reasons,'' Policy said. ''Number one, we felt that he was a talented player who could help the team at a position where we needed help. Number two, we put a lot of work into it.

''We tried to be very professional about it, and we structured a deal that we felt would work for the 49ers but which we felt logically may not work for the Giants. Well, the Giants have indicated that they're going to find a way to make it work for them.''

Hampton was the second key free agent the 49ers failed to land this week. San Francisco made a run at Pro Bowl defensive end Leslie O'Neal, but was outbid by division rival St. Louis.

Policy said the 49ers plan to take their time in their quest for pass-rushing help and backfield help.

''We have enough self-confidence in ourselves that we don't panic and that we don't go out and follow others who are storming towards the cliff's edge and jump off because they're jumping off,'' Policy said. ''We recognize that there are finite limitations to what should be spent on a player's contract and we try to live with our judgment and evaluation.''

Meanwhile, the 49ers brought pass-rushing lineman Chris Doleman in for a visit but made no immediate offer. Doleman, a free agent, had 91/2 sacks for Atlanta last season.

''I think there's a need here I can fill,'' Doleman said. ''Somehow, maybe we can strike a deal and everybody will be happy.''

Free agent defensive tackle Robert Porcher is scheduled to visit the 49ers headquarters today.