Broncos general manager John Elway tweeted about the move Friday afternoon.
Acquired QB Mark Sanchez for a conditional '17 pick. He brings veteran leadership & will compete. This is the 1st step in our process.
— John Elway (@johnelway) March 11, 2016
The draft pick headed to Philadelphia is a seventh-rounder, according to ESPN's Adam Schefter and multiple reports.
Sanchez, 29, appeared in four games for the Eagles in 2015, starting two. He threw for 616 yards, with four touchdowns and four interceptions.
After being a first-round pick for the Jets, earning the nickname "The Sanchize" with trips to the AFC Championship Game in both of his first two seasons, Sanchez injured his throwing shoulder during the 2013 preseason and was replaced by Geno Smith. He signed with the Eagles in 2014 after being released by the Jets.