The goalkeeper has been starring for Colombia at the World Cup in recent weeks, with his solid showings having helped his nation to reach the quarter-finals.
Although Keylor Navas and Guillermo Ochoa – of Costa Rica and Mexico respectively – grabbed many of the headlines, Ospina was one of the tournament’s top stoppers, conceding just three goals in five games.
Prior to the competition it was evident that he would be leaving Nice, after a contract offer from the Ligue 1 side was spurned by the ‘keeper.
A £3m fee is thought to have been agreed with Arsenal, and now the 25-year-old has settled on a contract in north London.
Ospina will be a direct replacement for former back-up man Lukasz Fabianski and will be used by Arsene Wenger to keep Wojciech Szczesny on his toes.