The Barcelona player pulled out of Friday's 4-0 defeat away to Uruguay during the warm-up after Chilean media said he felt a twinge in a hamstring he injured in September.
Sanchez made his return for Barcelona two weeks ago in the Champions League match away to Viktoria Plzen after being sidelined for nearly two months.
Chile, who kicked out five players for indiscipline before the Uruguay match, have three points from three games.
Visitors Paraguay, quarter-finalists in South Africa last year and Copa America runners-up this year, have four.
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