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The 31-year-old guided Los Canaleros to the CONCACAF Gold Cup final and joins the two-time defending MLS Cup champion.

Carlo Cudicini was brought to the LA Galaxy to improve on the club's options at goalkeeper and make the two-time defending MLS Cup champion an even harder team to beat. That option has not worked out as planned, so the Galaxy have gone to the transfer market in hopes of securing another top goalkeeper.

The Galaxy announced the signing of Panama international goalkeeper Jaime Penedo Monday, adding the 31-year-old veteran on a free transfer. Penedo helped guide Panama to the final of the CONCACAF Gold Cup, turning in a number of strong performances -- including two victories over Mexico -- en route to the title match, where Los Canaleros ultimately fell to the United States.

The move leaves the Galaxy currently with four goalkeepers, as backups Brian Rowe and Brian Perk join Cudicini on the depth chart, although the move could signal the end for one of the four. Cudicini, who was brought in to replace Josh Saunders, has the highest salary of the bunch by far, at $150,000, according to MLS Players' Union documents.

According to the Galaxy, Penedo will be eligible to make his debut against AC Milan in the third-place game of the Guinness International Champions Cup on Wednesday night in Miami. Penedo, who has 89 caps for Panama, most recently played with Guatemalan side Municipal.