The 24-year-old was selected 126th overall by Rex Ryan's side in the 2011 draft and has ran for four touchdowns in his two seasons in the league.
Sanchez told reporters: "I think Bilal is probably one of the most underrated players in the league.
"He's a hell of a player. He's just coming into his own, just starting to get comfortable and he's really lighting this camp on fire."
The Jets begin their pre-season campaign against the Detroit Lions on Friday.