Denver sent a fifth-round pick along with Sanders to San Francisco in exchange for a third and a fourth-round pick.
The 49ers had been pegged as the frontrunners for Sanders earlier in the day and were able to close the deal for receiver help ahead of this Sunday’s game against the 4-2 Panthers.
The Broncos started shopping Sanders, who’s entering the final year of his deal, after it became clear the team would not be in contention this year with a 2-5 start to the season.
Sanders, 32, is a former third-round pick of the Steelers back in 2010. He played out his rookie contract before signing on with the Broncos back in 2014.
Sanders is entering the final year of his four-year, $38.6 million contract that included $20 million guaranteed and stands to make a base salary of $10.5 million for the 2019 season.
In 2019, Sanders has appeared in all seven games for the Broncos and caught 30 passes for 367 yards receiving and two touchdowns.