El Mundo Deportivo says Barça have agreed a transfer fee of €26m plus €11m in performance-related bonuses.
There was a meeting in Formentera on Saturday between Udinese patron Gino Pozzo and Barcelona Vice-President Josep Maria Bertomeu.
Spanish media suggest only details now separate El Nino Maravilla from the Nou Camp.
Sanchez is currently on international duty with Chile in the Copa America.
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