“I have spent three-and-a-half wonderful years at Arsenal and I bring with me very positive memories of that great club and its fans,” said Sanchez, who joined the Gunners after three years spell at Barcelona for a fee of £31.7 million.
“The chance to play in this historic stadium and to work with Jose Mourinho was something I could not turn down.
“I am very proud to be the first Chilean player ever to play for United’s first team and I hope I can show our fans all around the world why the club wanted to bring me here.”
British media have claimed Sanchez will earn a pre-tax weekly salary of around £500,000.
The swap deal that brings an end to Armenia international Mkhitaryan’s mixed 18 months at Old Trafford had been expected for several days.
“Alexis is one of the best attacking players in the world and he will complete our very young and talented group of attacking players,” said United manager Jose Mourinho.
“He will bring his ambition, drive and personality, qualities that make a Manchester United player and a player that makes the team stronger and the supporters proud of their club dimension and prestige.”
The highlight of Mkhitaryan’s brief stay in Manchester was scoring in the Europa League final victory over Ajax last season.
He also helped the club win the League Cup, having previously won three Ukrainian titles with Shakhtar Donetsk and four Armenian crowns with Pyunik.
Mkhitaryan joined United for around £30m in 2016 after three years at Borussia Dortmund.
“I would like to wish Henrikh all the success and happiness that I am sure he is going to get. He is a player that we will not forget, especially for his contribution to our Europa League victory,” added Mourinho.
“It’s a dream come true because I’ve always dreamed of playing for Arsenal. Now that I’m here, I’ll do my best for this club to create history,” said Mkhitaryan.
Arsenal boss Arsene Wenger said he was happy to acquire Mkhitaryan.
“Henrikh is a very complete player. He creates chances, he defends well, he can absorb distances and he’s very committed as well.
“I must say he’s a player who has all the attributes.”
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