Young played 21 games for the Grizzlies this season, averaging 3.5 points and 2.0 rebounds. Taken by Memphis in the second round of the 2009 NBA Draft, the Pittsburgh product has averaged 6.9 points and 2.4 rebounds in 179 games (49 starts).
The 26-year-old Young averaged 7.5 points last year in the playoffs.
"We feel Sam's overall skill set can be a valuable asset to our team and he adds to our depth at two positions," said Rod Thorn, Sixers president of basketball operations.
Sanchez has yet to play an NBA game since being selected by Portland in the second round of the 2005 draft. The 24-year-old Puerto Rico native is currently playing in Argentina, where he has averaged 13.0 points and 5.1 rebounds in 42 games this season for Wuber Estudiantes de Bahia Blanca.