Ahead of the move Sanchez arrived in Milan on Wednesday according to multiple reports.
The 30-year-old was photographed waving to fans at the airport and was whisked away for a medical before signing a contract later in the day, Sky Sports Italia and Gazzetta Dello Sport reported.
Sanchez will link up with Belgian striker Romelu Lukaku — a 65-million-euro ($73 million) close-season signing from Manchester United — who scored on his debut for Inter on Monday.
Sky Sport Italia and BBC Sport report that both clubs have settled on a season-long loan deal, with the exemption of an option to buy at the end of the campaign.
Inter have also agreed to cover €5m of Sanchez’s €23m salary for the duration of the loan move.
Sanchez makes a return to the Serie A, after a stint with Udinese between 2006 and 2011.
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