The 39-year-old leaves Valencia for regional rivals Villarreal as he gets ready to pen a 12-month deal as a stand-in for Diego Lopez when required
The 39-year-old will not be offered a renewal by Valencia following the arrival of Diego Alves from Almeria, according to Goal.com Spain.
Sanchez is free to join the Yellow Submarine as a reserve shot stopper and back-up to first-choice Spaniard Diego Lopez who played all 38 Liga games last season.
Coach Juan Carlos Garrido feels Sanchez is the right man to fill the second goalkeeper slot ahead of next term's Champions League run.
Villarreal finished fourth in the standings and are keen to bolster their squad with European objectives in mind.