The La Liga side have pulled off a coup by signing the Mexican World Cup star.
Few goalkeepers were as impressive in this summer's World Cup as Mexico's Guillermo Ochoa, and now, despite being linked to top Premier League clubs over the last couple of months, the former Ajaccio player has signed for La Liga side Malaga.
Malaga released a statement on their club website on Friday notifying supporters of the transfer.
"Malaga Club de Futbol has reached an agreement to sign one of the best goalkeepers of the recent World Cup in Brazil, Francisco Guillermo Ochoa Magaña."
The 29-year-old was available on a free transfer after leaving the relegated Corsican club, and looked like one of the best options for a discount international quality goalkeeper. Instead he has ended up replacing Willy Caballero, who has moved to join up with old manager Manuel Pellegrini at Manchester City.
Both Arsenal and Manchester City were searching for quality goalkeeping additions this summer, with the two sides having lost their number two stoppers this summer to Premier League rivals promising more first team football.
Arsenal's FA Cup hero Lukas Fabianski headed to Swansea, where he likely knew he would be replacing Dutch international Michel Vorm - the former Utrecht goalkeeper later joining Tottenham.
Romanian Costel Pantilimon signed for Sunderland from Manchester City after a season that actually saw him make more appearances than any other. He will now compete with ex Arsenal keeper Vito Mannone for the Black Cats' number one shirt.
While City went for Malaga's Argentine, the Gunners completed a deal for another Ligue 1 stopper, signing Colombian David Ospina from Nice for £3 million.
With Ospina also impressing in his country's World Cup run, it is hard to say Arsene Wenger erred in ignoring the possibility of signing Ochoa, who likely wanted first team football at this stage of his career.
Only time will tell if Wenger's judgement was right, though he does have a pretty strong track record with his Ligue 1 recruitments.