The report that Sanchez could be dealt comes after MLB Network's Jon Heyman noted the Yankees have spoken with free agent Yadier Molina.
Martin, Davidoff and Sherman added that the Yankees "want a full understanding" of DJ LeMahieu's market before they commit "any significant" money elsewhere.
Per Tim Dierkes of MLB Trade Rumors, Sanchez is projected to earn $6.1 million next season in his second year of arbitration.
The Yankees used Kyle Higashioka as their starting catcher during the American League Division Series against the Tampa Bay Rays.
Sanchez is one of the most talented offensive catchers in MLB, but he's struggled with consistency over the past three seasons. The 27-year-old hit .284/.354/.568 with a combined 53 homers and 132 RBI in 2016-17.
Since the start of 2018, though, Sanchez's slash line is only .200/.296/.453 with 62 home runs and 154 RBI in 244 games. His defense has often come under scrutiny, as he's led all catchers in passed balls three times in the past four years.
Sanchez has spent his entire professional career in the Yankees organization. He was signed by the team as an international free agent out of the Dominican Republic in July 2009.