The Twins are still looking for an impact pitcher to boost the top of their starting rotation. Darren Wolfson of 1500ESPN was first to report that the two sides were talking.
Sanchez, 33, can make up to $2.5 million more depending on how many games he starts.
Sanchez’s deal is similar to those for arbitration-eligible players. Since leading the American League with a 2.57 ERA in 2013, when he went 14-8, the righthander’s numbers have diminished significantly.
Sanchez, who will turn 34 later this month, was 3-7 with a career-worst 6.41 ERA last season.
He has a 90-94 record and 4.09 ERA over 12 seasons with the Miami Marlins and Detroit Tigers.
Sanchez is coming off a five-year, $80 million contract with the Tigers, who traded for him in 2012 and re-signed him on the open market that December.