The midfielder signed a five-year deal with the French champions, reuniting with new PSG coach Christophe Galtier.
The Serie A champions Milan had been connected with Sanches, but PSG now appears to be the front-runner to sign the 24-year-old.
Galtier was the coach of Lille, where the Portugal international won the Ligue 1 championship in 2020–21. He joined Lille from Bayern Munich in 2019.
Sanches expressed his happiness at having landed in Paris on the PSG website. The past several days have been extremely significant for my family and me.
"I'm confident that joining the club was the right decision. Paris Saint-Germain was my choice because I believe it to be the ideal assignment for me. I felt it was vital to remain in France because I am familiar with this league."
The former Benfica player is excited about the chance to work with Galtier once more. Galtier took over as manager last month after Mauricio Pochettino was fired.
Sanches also said "I am familiar with him. He is a fantastic coach who aided my development once I entered Ligue 1. We even worked with Lille to win the league as a team.
"We had a good working relationship, so I'm glad to be working with him and his coaching staff once more. It's usually simpler to work with a manager you trust. You two can communicate more easily."
Idrissa Gueye is wanted by his old club Everton, and Georginio Wijnaldum is rumored to be joining Roma at the time of Sanches' arrival.
PSG travels to Clermont on Saturday to begin their Ligue 1 title defense.
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