The 25 year old was one of the stars of the World Cup with spectacular performances that helped his country reach the quarter-finals for the first time.
Arsenal said he would sign a “long term contract” but the fee was not disclosed even though French reports this week said Arsenal would pay about £3.2million.
During the announcement of the "done deal", Ospina, shed a few tears while bidding Nice farewell.
On his twitter page, he posted: "The race closes with a wonderful Nice cycle and a dream fulfilled upon arrival at Arsenal. Thank you Nissarts, Go Gunners".
Manager Arsene Wenger said: “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.”
Ospina, who spent six seasons in Nice, is expected to make his first appearance at the Emirates Cup next weekend.
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