Jackson thanked the Eagles organization and fans in a statement Friday, and also denied "unfounded reports" that he was released for any reason related to his lifestyle.
"I would like to make it very clear that I am not and never have been part of any gang," Jackson said. "I am not a gang member and to speculate and assume that I am involved in such activity off the field is reckless and irresponsible. I work very hard on and off the field and I am a good person with good values.
"I am proud of the accomplishments that I have made both on and off the field. I have worked tirelessly to give back to my community and have a positive impact on those in need. It is unfortunate that I now have to defend myself and my intentions. These reports are irresponsible and just not true."
Before releasing Jackson, the Eagles announced they had signed Sanchez. Bounced out of New York after the Jets signed Michael Vick last week, Sanchez moved down turnpike to Philadelphia in what essentially was a swap with Vick.
Jackson was coming off a career-best season in Philadelphia, leading the team with 82 catches for 1,332 yards and nine touchdowns. He had a $10.25 million contract for the 2014 season and was signed through 2016.
"After careful consideration over this offseason, the Philadelphia Eagles have decided to part ways with DeSean Jackson," the Eagles said in a statement.
The Eagles had no other comment. Jackson's agent, Joel Segal, did not immediately return a request for comment. Jackson has 356 career receptions for 6,117 yards and 32 touchdowns. He's a dangerous returner who went to the Pro Bowl in 2009 after taking two punts the distance. Jackson has four career scores on punt returns, including the memorable 65-yard game-ending return to cap a comeback win over the New York Giants in 2010.
The 27-year-old receiver is entering his seventh NFL season.
The Eagles had been put out feelers that Jackson was available. Coach Chip Kelly refused to commit on Jackson's return at this week's NFL meetings.
But other teams could be quick to sign one of the NFL's top receivers.
Speaking at the NFL meetings, Jets owner Woody Johnson expressed interest in Jackson, saying: "We're looking at a number of players, including DeSean."
Jackson could be a showboat memorably dropping the ball in celebration before the goal line after an apparent long touchdown and upset the Eagles this season when he lobbied for a new contact shortly after they were eliminated in the playoffs.
Around the league
Raiders • Free agent running back Maurice Jones-Drew is coming back home to Oakland after signing a three-year contract with the Raiders on Friday. Jones-Drew returns to his native Bay Area after spending his first eight seasons with Jacksonville and starring in college at UCLA.
Niners • Cornerback Chris Culliver was arrested Friday on suspicion of felony hit and run and reckless driving after he drove a car into a bicyclist and fled, San Jose police said. Meanwhile Friday, San Francisco re-signed cornerback Perrish Cox to a one-year contract.
Steelers • Pittsburgh agreed to a two-year contract with running back LeGarette Blount. The 27-year-old ran for 772 yards and a career-high seven touchdowns in 2013 for New England.