The Colts will sign Sanchez to a three-year contract, James Boyd of The Athletic reports.
Sanchez didn't participate in the Colts' offseason practices, but he did do some punting on the rehab fields, Mike Chappell of FOX59 reports.
The Colts placed Sanchez (Achilles) on injured reserve Tuesday.
Sanchez sustained an Achilles tear during practice Tuesday, Stephen Holder of ESPN.com reports.
Sanchez suffered a possible Achilles injury at the end of Tuesday's practice and is undergoing tests, Stephen Holder of ESPN.com reports.
Sanchez (illness) practiced without limitations Wednesday.
Sanchez (illness) will try to practice and punt this year, Kevin Bowen of 107.5 The Fan Indianapolis reports.
Sanchez will undergo surgery Tuesday to remove a cancerous tumor, Mike Garafolo of NFL Network reports.
Sanchez punted five times for 232 yards during Sunday's 15-13 win over the Broncos.
Sanchez punted four times for 248 yards during Sunday's 19-17 win over the Titans.