Bony has been sidelined since the defeat to West Ham in September with two separate hamstring injuries.
Sanches has been out of action for three weeks with a thigh injury, but the pair are now back in training and return to contention.
Available for selection
The pair will be a welcome return for manager Paul Clement, who said: “Both Wilfried and Renato will be available for selection for Burnley,” confirmed the manager. “It is good to have them back as they are players that can bring a lot to the quality of the squad.
“We will, as it stands, go into this game with virtually a fully-fit squad.”
The news means that Martin Olsson has also overcome a hamstring injury he picked up in Carabao Cup action against Manchester United, which has meant that Sam Clucas has deputised in an uncomfortable left-back role.
While senior players Leon Britton and Angel Rangel are fit again, but Kyle Bartley remains out after undergoing knee surgery.
Boost for Burnley
Both Sanches and Bony could return to the starting eleven against Burnley, with the side desperate to pick up all three points.
Swansea sit 19th in the table following last week’s 1-0 loss to Brighton & Hove Albion.
Clement will welcome having more attacking options for selection, as the Swans have really struggled to create chances this season.
Swansea are averaging just eight shots on goal per game this season, the lowest of all Premier League sides.
Whether Bony will be used alongside Tammy Abraham is unknown, but as the England international is in good form, Bony will most likely be used from the bench.
While Sanches will compete with Ki Sung-Yueng, Sam Clucas, Tom Carroll, Leroy Fer, Leon Britton and Roque Mesa for a place in Swansea’s midfield.
The Portuguese international hasn’t set the league alight as many predicted, but the 20-year-old looks a step above the rest of Swansea’s players in possession, and doesn’t manic where many would in the final third.