The 25-year-old, who impressed as Colombia reached the quarter-finals of the World Cup in Brazil, has moved to the Emirates Stadium for an undisclosed fee.
Gunners manager Arsene Wenger told Arsenal's official website: " David Ospina is an excellent goalkeeper, with good experience and a proven record of performing with Nice and Colombia.
"He will add strength to our squad and we are very pleased that he will be joining us."
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