According to Variety, Sarandos made the announcement at a UBS conference in NY on Monday, saying, "We are excited to bring closure to fans".
Spacey reportedly will not appear in any of the episodes, even though the final season was two weeks into shooting.
The show's finale is now set to focus on the character of Claire Underwood - played by Robin Wright - who, having succeeded her husband as president at the end of season five, looked directly at the camera, declaring: "My turn".
"We were really excited we could get to an agreement", Sarandos said Monday at UBS's Global Media and Communications Conference in NY, according to Variety.
"We will continue to work with [producer Media Rights Capital] during this hiatus time to evaluate our path forward as it relates to the show".
Production on the eight-episode sixth season had been hold due to allegations of sexual misconduct made against Spacey.
Filming is scheduled to resume early 2018. The announcement was made following a number of allegations levelled against the actor.
Sarandos did not say when season six would air or how Spacey's character would be treated in the show.
Netflix followed suit, stating it would 'not be involved with any further production of House Of Cards that includes Kevin Spacey'.
The plot of the final, shortened season will "be refocused to center on co-star" Wright, The Guardian reports.
Spacey is now under criminal investigation in Nantucket, Mass., in connection with an allegation that he groped a 19-year-old man in a bar in the summer of 2016.