Well that depends. Valenica could almost instantly improve our first 11, in my opinion, though clearly not replace Ronaldo, as some transfer muppets appear to crave.
Sanchez, on the other hand, needs a team that is prepared to allow him to make mistakes, and develop his undoubted ability. Italy isn't really the place for a young player like that. I've seen Sanchez roughly 8-10 times, which is not nearly enough to give an honest assessment, contrary to what is often the case on here. Everything that I have seen of him, though, suggests that he has many of the qualities of Ronaldo, which is why people have made the comparison. However, as I've already said, he's still very raw, and would need at least 2 seasons to develop in to anything like the player that many believe that we need.
I disagree, and would much rather us buy a player like Sanchez, and give him time to develop, than spend £60m on a 26 year old, who may still need a year or two, to get used to the Premier League, only to be a few years away from the inevitable decline, due to age.
I'd be delighted if we bought either/both.