Sanderson links up with the Cardinals for the 2025/26 season.
He spent last season on loan in League Two, spending the first half of the campaign at Bradford City before joining Harrogate Town.
Woking's National League campaign gets under way against Carlisle United on Saturday.
Woking Director of Football Jody Brown told the club's website: "When I knew the takeover was happening, and we were coming into Woking, I contacted Fulham for Olly’s availability - that was in November last year.
“We then enquired again in May this year, but as you’d expect when you set the bar high, other clubs were interested in him. He’s always been on our list of 4 or 5 targets. I’ve been keen to build a relationship with Fulham, and the pre-season game at their place, along with a number of ‘almosts’ in terms of loan signings, have started to do that - hopefully this can be the start of a beneficial relationship for both clubs.”
“Olly has EFL experience, and he fits the profile we wanted - can lead the line and play back to goal, as well as stretch the game behind."