The extension, which the two sides have reportedly been in discussions about "for weeks," is for three years. Salary figures have not yet been released.
What this means for the Jets offseason is unclear. As well as ruling them out of the chase for Manning, it also likely precludes them from chasing veteran starters like Jason Campbell and Kyle Orton.
Sanchez has been maligned in his three years with the team, but the extension indicates that the team clearly still has faith in him as their quarterback of the future.