A giant crane collapsed as workers tried to put the final part of the roof on one of the 2014 FIFA World Cup stadiums on Wednesday.
Former Corinthians president Sanchez has apologised and said it remained unclear just why the accident occurred.
"The cause of this accident is still being investigated by the authorities so it is hard to say," he said.
"What we know for sure is that the main structure has not been affected. It was the same piece that had been installed last week on the north stand and today unfortunately we had this incident.
"Corinthians and the (building company) Odebrecht will wait until further analysis and investigation before presenting a new schedule and timescale for completion."
All builders were dismissed after the incident and no work will take place for up to three days to 'respect a mourning period'.
Sanchez said the correct safety measures were in place and wants the families to be supported in whatever way possible.
"We are extremely sorry about it as every Brazilian is. We took all safety measures that were possible but unfortunately there were those two fatalities," he said.
"We are all very sorry but we will give all assistance required by the families. This is the least we can do. I have not much more to say. I hope you understand the pain we are feeling.
"Corinthians and Odebrecht are deeply sorry. This is a tough moment for us."
Odebrecht operations manager Frederico Barbosa insists safety is paramount and all rules were adhered to.
"We have a specialised provider that operates those cranes. Everything is coordinated by this specialised company. They respect all the necessary safety rules," he said.
"That crane capacity was three times bigger than the metallic structure weight. So we are now waiting for the investigation but I can assure that everything was done in accordance with the safety rules."
