The goalkeeper was a free agent after his contract with French side Ajaccio expired this summer and he moves to La Rosaleda on a three-year deal.
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"Malaga Club de Futbol has reached an agreement to sign one of the best goalkeepers from the recent World Cup in Brazil, Francisco Guillermo Ochoa Magana, who will wear the Blue and Whites’ shirt for the next three seasons," read a statement on the club’s official website.
"Ochoa has successfully passed the routine medical checks."
The 29-year-old came to prominence with two man-of-the match performances for his country in Brazil against Holland in the last-16 and, most notably, the hosts in the group stage.
Ochoa began his career in his homeland with Club America before moving to Ajaccio in 2011 and made over 100 appearances for the Corsican outfit.