The former Barcelona and Real Madrid attacker has returned to La Liga as he has opted to sign a one-year deal with the Champions League hopefuls
The Champions League side were desperate to add some fresh blood to their attack after the retirement of Ruud van Nistelrooy and the departure of Jose Rondon, and they have now found their man in Saviola.
The 30-year-old attacker came through the ranks of the River Plate youth academy and had mainly been warming the bench at Benfica last term. He will now be looking to relaunch his career in Spain.
Manuel Iturra is another new signing for Malaga, after completing his move as a free agent from Liga Adelante side Real Murcia.
Originally a Universidad de Chile player for eight seasons, Iturra signed for Murcia last season and played in 35 of their La Liga matches, picking up a goal in the process.
The Chilean international has featured 34 times for his country, which is believed to be the root of Manuel Pellegrini's willingness to bring the midfielder to the club, especially after Enzo Maresca's departure to Sampdoria.