The 20-year-old has already scored a goal for the Reds' Under-23s, slotting one into the back of the net in a 4-1 friendly win over Panjab FC at the club's academy on Monday as the Panjab side prepared for this month's CONIFA World Football Cup in London.
Sanchez will complete a short trial period with the Champions League finalists and a permanent deal will be looked into, with the Reds having developed a great relationship with Mallorca through Colombian full-back Anderson Arroyo, who joined the Spanish side on loan in January.
The winger, meanwhile, has been with Mallorca's B team since 2014 and made his first senior appearance last year. His contract will be up in the summer, leaving him free to remain with the Anfield outfit if they so desire.
He got right down to business during Monday's friendly, scoring the second goal of the match from 20 yards out to impress the small crowd in attendance at Kirby.
At this point, it isn't very clear what's going to happen, but the signs are promising.
The Reds, though, are set to release youngster Yan Dhanda this summer despite his impressive season with the Under-23s. The 19-year-old is described as one of the brightest players in Liverpool's reserve side. And to the dismay of many fans, they look poised to let him go.
Dhanda did not play in the friendly on Monday, yet another sign of the club's intention. But they will confirm when they release their retained list later this month.