According to Schefter, the issue for the Saints is that Sanders practiced Thursday, but now needs to be quarantined.
Saints HC Sean Payton confirmed the news and announced that CB Ken Crawley is also being placed on the COVID-19 list.
New Orleans could now be without both Sanders and Michael Thomas this weekend.
The COVID-19 list was created this summer for a player who either tests positive for or who has been quarantined after having been in close contact with an infected person or persons.
Players will remain on the list until they are medically cleared to return.
Sanders, 33, is a former third-round pick of the Steelers back in 2010. He played out his rookie contract before signing a four-year, $38.6 million contract that included $20 million guaranteed with the Broncos back in 2014.
Sanders was entering the final year of his deal when the Broncos traded him midseason to the 49ers for a third and fourth-round pick. He made a base salary of $10.5 million for the 2019 season.
The Saints signed Sanders to a two-year, contract worth $16 million this past March.
In 2020, Sanders has appeared in five games for the Saints and caught 26 passes for 304 yards receiving and two touchdowns.