Tom Pelissero of USA Today reported the one-year deal is worth $2 million, including $1 million guaranteed, with an extra $2 million in incentives.
The Bears already signed Mike Glennon this offseason as their starter. Sanchez threw just 18 pass attempts in 2016 as a member of the Dallas Cowboys, but he has appeared in 77 career games and adds more experience behind Glennon than Connor Shaw.
ESPN's Adam Schefter noted that adding Sanchez makes it unlikely the Bears will take a quarterback early in this year's draft:
His most notable stretch came during the 2009 and 2010 seasons when he helped lead the Jets to the AFC Championship Game two years in a row. However, he had just 29 touchdowns and 33 interceptions during that span.
The Bears, meanwhile, are coming off an abysmal 3-13 season and haven't been to the playoffs since the 2010 campaign. Sanchez—who hasn't lived up to being the No. 5 overall pick since he left USC—will offer depth in case Glennon suffers an injury.