Sanchez has not played since September last year but could return to Manuel Pellegrini’s squad to face Tottenham in today’s early Premier League kick-off.
Jack Wilshere is also in contention again after returning for a five-minute cameo against Leicester last time out.
However, the former England star is not expected to start as Pellegrini is set to name an unchanged side.
That means Lukasz Fabianski in goal, with Pablo Zabaleta and Arthur Masuaku in the full-back roles.
Fabian Balbuena will partner Angelo Ogbonna in the centre of defence as Declan Rice and Mark Noble take the midfield holding roles.
Michail Antonio and Felipe Anderson are set to line up on the flanks with Robert Snodgrass behind lone striker Marko Arnautovic.
Sanchez says he is delighted to be back in contention having made just five Premier League appearances since moving to the club last summer.
“It’s very good news,” the 33-year-old told the club’s official website.
“I’m fit for the last three games. I hope next week to be in the squad for the first time since a long time ago. I’m happy to be back.
“It’s really hard but it’s life in football. We play and we have a lot of things that happened to me. It’s like this. Now I’m back I’m really happy.
“Nine years ago I had the same injury so I have a little experience about it.”
Boss Pellegrini is expecting a tough game but insists he will be going to the Tottenham Hotspur Stadium to win the match.
“It’s a derby, of course, which gives us motivation,” he said.
“We must try to play well, like a big team. We are not going to their stadium just to try to draw, or not to concede.
“If you go into these games with the defending mentality, and maybe not trying to win, we might draw some more. But we’ve got one mentality – to try and win.”
