The Gunners offered a £3.2 million deal with his French club OGC Nice to seal a 4-year-contract with the 25-year-old Colombian hero.
Arsenal decided to buy Ospina after theit prime target Keylor Navas of Costa Rica was snatched away by European Champions Real Madrid.
He will now replace Lukasz Fabianski who signed for Swansea City who in turn is replacing Michel Vorm who moved to Tottenham Hotspur.
The coach of OGC Nice Claude Puel spoke to Skysports on the deal and said: “It’s confirmed, yes. It’s a good affair for Arsenal because he’s a very good player. You will see next season the quality of this player.
“It’s fantastic for him. It’s important for him to try another league, another club, and Arsenal is a fantastic club for him. David Ospina can take the goalkeeping position at Arsenal because his qualities are very strong and … ‘magnifique’.
“You saw in the World Cup how important a goalkeeper he is. For me, David can impose his quality, he’s a goalkeeper who is very good with the feet, with his arms, he knows football and he’s a very, very good”, signed off the Frenchman.