Sanchez said he was grateful to doctors for finding the tumor before it spread across his body.
Sanchez punted for the Colts in Sunday's loss to the Tennessee Titans but didn't handle kickoffs as usual, with kicker Rodrigo Blankenship taking over the duties.
"Rigo is dealing with a physical issue that we have to get further evaluated," head coach Frank Reich said after the Titans game, according to Kevin Bowen of 1070 The Fan. "I give Rigo a lot of credit for the way he punted today and for really coming through for us when we needed him the way that he did."
The 26-year-old's 47.2-yard punt average ranks ninth in the league this season.
Indianapolis signed Sanchez as an undrafted free agent in 2017. He won the starting job as a rookie and signed a four-year, $11.6-million contract extension with the Colts through the 2023 season in July 2019.