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Willy Caballero worked with Manuel Pellegrini at Malaga

Manchester City have signed Malaga goalkeeper Willy Caballero.

The Argentine, 32, joined on a three-year deal for a fee believed to be in the region of £4.4m, which may rise to around £6m.

Caballero, who played under City boss Manuel Pellegrini at Spanish side Malaga, finalised the deal on Tuesday.

He becomes the club's third signing of the summer after the arrivals of Porto midfielder Fernando and ex-Arsenal right-back Bacary Sagna.

Caballero undergoes a medical ahead of his move to Manchester City

Caballero is expected to provide back-up and competition for England number one Joe Hart.

He told the club's website: "I am very happy, and really looking forward to the start of pre-season and performing well to help the team.

"I know I am coming to a big club with a very good goalkeeper. City already have a great goalkeeper in Joe Hart, but I will try and compete for the number one spot."

Costel Pantilimon, who had been number two to Hart, joined Sunderland on a free transfer earlier this summer.

Caballero started his career with Boca Juniors in his homeland before joining Spanish side Elche in 2004.

Caballero says he is looking forward to bringing his family to Manchester

He joined Malaga, where he teamed up with Pellegrini, in 2011 and went a club-record 480 minutes without conceding a goal.

"The most beautiful moments of my career were under Manuel Pellegrini at Malaga, where we achieved big things and we made Malaga's name known around Europe," Caballero added.

"As for my new team-mates, I have a very good relationship with Martin Demichelis, but I've never met Pablo Zabaleta and Sergio Aguero. It is very good to have people from Argentina in the squad because I think it will be very helpful."

Caballero spoke to former City striker Roque Santa Cruz, who plays for Malaga, and Demichelis about the transfer.

He added: "They told me that Manchester is a very beautiful city and very welcoming, so that will be great for my family and I can't wait to enjoy it."