The Koln striker has been a target for the north London club over the last couple of transfer windows, with the Gunners eager to add firepower to their attacking options.
Arsene Wenger has confirmed that a deal has been concluded, and is happy to have the experienced attacker joining his squad.
“We are delighted to secure the deal for Lukas and see him as an important part of our future,” the French coach told the club’s official website.
“He is a top-class player, a very good finisher and a proven performer at club and international level. He is a very strong player and will provide us with good attacking options.”
Podolski has admitted that the opportunity to move to the Premier League was too good to turn down.
“The move to Arsenal gives me the opportunity to play at international level in a top European club.
“I chose not to leave FC, but for this great opportunity in my sporting career. The decision for this step is not easy for me because FC Koln, the city and the fans are very special for me.
“I’ll wear the FC always in my heart. We must now concentrate all the forces together and focus exclusively on the league,” he stated.
By Gareth McKnight