Sanders was set to become a free agent at the end of the season before inking the new contract.
"I am still hopeful," Sanders said of a potential new deal, per Troy E. Renck of Denver7 ABC on Sept. 4.
Elway admitted at the time that deal would impact Sanders' negotiations.
"The only thing that changed there was the other contract, Tavon Austin. We're moving in the right direction," Elway said, per Renck. "They're looking at that, but no, nothing has changed."
Sanders has outperformed expectations since signing a three-year deal with Denver in 2014. After recording 740 or fewer receiving yards in each of his four years with the Pittsburgh Steelers, the receiver broke out in his first year with the Broncos, tallying 1,404 yards and nine touchdowns on 101 catches.
The veteran followed that up with 76 catches for 1,135 yards and six touchdowns in 2015, helping the team win the Super Bowl.
Now, the 29-year-old receiver has a new deal and some long-term security heading into the new season.