According to ESPN, the deal is for $2.25 million and includes a $750,000 signing bonus. It also includes up to another $1.75 million in bonuses, bringing the maximum value of the deal to potentially $4 million. The bonuses depend on Sanchez playing up to 90 percent of the Eagles' offensive plays.
The contract's structure was agreed to Monday. Sanchez came to Philadelphia on Wednesday and took his physical on Thursday.
Sanchez is recovering from surgery for a torn labrum that kept him out for 2013. He also had arthroscopic knee surgery last season. He started throwing again recently and is believed to be about 80 percent recovered. He hopes to be healthy in time for OTAs this spring.
Nick Foles is the Eagles' starter, but Sanchez, 27, has plenty of experience as a starter. He is 33-29 as a starter and has won four playoff games. He showed promise early in his NFL career by reaching the AFC Championship Game in his first two seasons but has thrown 39 touchdowns and 36 interceptions since.
Sanchez was expected to start last year before the injuries ruled him out.
Sanchez, who played collegiately at Southern Cal, will likely compete with another former Trojan -- Matt Barkley -- for the backup spot.
Sanchez was released by the Jets last week. Former Eagle Michael Vick signed with the Jets just before Sanchez was let go, so the teams essentially traded quarterbacks.
Vick began last season as the Eagles' starter, but eventually lost the job to Foles. He will compete with Geno Smith, who started for the Jets as a rookie last year.
Eagles coach Chip Kelly coached against Sanchez in 2007 and 2008 when Sanchez started for Southern Cal and Kelly was Oregon's defensive coordinator.
Sanchez was the No. 5 overall pick in the 2009 draft.