The Mexico international was unattached after parting company with Ajaccio at the end of last season but has earned a move to La Liga on the back of his World Cup heroics
The 29-year-old had been a free agent after his contract with Ajaccio expired at the end of last season and was inundated with offers on the back of his heroics with Mexico at this summer's World Cup.
Ochoa has now decided to sign for Malaga, who had been looking for a new No.1 following the loss of Caballero to Manchester City.
Los Boquerones announced on Thursday evening that the El Tri shot-stopper will be formally presented to the press at the Rosaleda at 17:00 on Friday.
Ochoa, who has been capped 63 times by his country, started his career at America before moving to Ajaccio in 2011.