White and Havertz scored braces to batter their London rivals 5-0
The 25-year-old, who has 49 caps, is moving from French Ligue 1 club Nice, for whom he made 189 league appearances during his six years in France.
"David Ospina is an excellent goalkeeper, with good experience and a proven record of performing with Nice and Colombia," Arsenal manager Arsene Wenger told the club's website (www.arsenal.com).
"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 for Arsenal in the pre-season Emirates Cup tournament involving the English side, AS Monaco, Valencia and Benfica which takes place at the Emirates Stadium in north London next weekend.