Possibly to the Rockies or Giants, but the Post-Gazette makes it sound like they're holding a little auction here.
Despite the way this article sounds, there's really no reason for the Bucs to get desperate here. Sanchez is potentially under contract for 2010 at a reasonable price, he's playing very well, there's no one ready to replace him.
Of course, those first two reasons are also good reasons to trade him. As a 31-year-old second baseman with a not-insignificant injury history, Sanchez isn't a great bet to keep this up for too long. And as a guy who doesn't walk a lot, his value is highly dependent upon his batting average. Thankfully, he's very good at hitting for average, but he won't always bat .316 the way he is now. It's entirely possible that his value will never be higher.
I know that hunting for guys who play specific positions hasn't been part of the front office's M.O. so far, but if the Bucs trade Sanchez, I'd look for them to seek a young second baseman in return. The Pirates don't currently have anyone besides Sanchez who I'd want to see playing every day. Ramon Vazquez has inspired no confidence this year, Delwyn Young is a brutal fielder, and Brian Bixler and Luis Cruz have shown no indication they can hit big-league pitching. Further down the depth chart, Shelby Ford and Jim Negrych are having disappointing seasons, and Negrych is as bad or worse at fielding than Young.
As always, I have to admire Neal Huntington's willingness to do incredibly unpopular things. If he times this right, he might get rid of Sanchez just before Sanchez is scheduled to appear as the Pirates' lone representative at the All-Star Game.