Sanchez was found guilty of defrauding the treasury of €1 million between 2012 and 2013, relating to income from his image rights during his time in Barcelona.
The Chilean, 29, appeared in court via a video link last month and pleaded guilty to concealing part of the amount he earned while he was with the LaLiga giants. Lionel Messi, Angel Di Maria and Javier Mascherano have all been convicted of tax evasion in recent years, while Cristiano Ronaldo is now fighting alleged tax fraud charges.
According to Spanish laws, only a sentence of two years or more are met with jail time, but Sanchez could still face further legal action if he is found guilty of a similar crime over the next 24 months.
Barcelona superstar Lionel Messi was handed a 21-month jail sentence in 2016 for evading €4.1 million on image rights - but that was altered to a €252,000 fine a year ago.
Mascherano, on the other hand, was given a one-year sentence and €800,000 (£611,000) fine around the same time as Messi.
The agency's article says the Chile forward will pay back that figure plus interest, along with a fine of 590,065 euros (£523,029) and will not receive public aid or tax incentives in Spain for two years.