Sanchez has accepted a 16-month prison sentence for committing tax fraud during his time at Barcelona.
The Manchester United forward was accused of defrauding the treasury of €1 million (£890,000) between 2012 and 2013, relating to income from his image rights.
Sanchez has reached an agreement with the prosecutor to pay the money he owes with interest.
The ex-Arsenal star is the latest football figure to be punished by Spanish prosecutors for dodging taxes.
Despite the verdict, the Chilean will not spend time in prison as he is a first offender and the sentence is less than two years.
Lionel Messi, Cristiano Ronaldo, Jose Mourinho and Ricardo Carvalho have all been pursued by the authorities recently.
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