Ospina, 25, was one of the stars of the World Cup with spectacular performances as his country reached the quarter finals for the first time.

Arsenal said he would sign a "long term contract" but did not give the fee. French reports this week said Arsenal would pay about four million euros ($5.4 million). He has been at Nice for six seasons.

"David Ospina is an excellent goalkeeper, with good experience and a proven record of performing with Nice and Colombia," said Arsenal manager Arsene Wenger.

"He will add strength to our squad and we are very pleased that he will be joining us."

Ospina is expected to make his first appearance at the Emirates Cup, which takes place at Arsenal next weekend.