The Chile international forward, who underwent a medical on Thursday afternoon, becomes the second-most expensive purchase in the Gunners' history.
After scoring two goals at the World Cup in Brazil and impressing in his three seasons at Camp Nou, where he scored 39 times in 88 appearances, the Gunners have beaten off competition from Liverpool and Juventus to land the forward.
The former Udinese star will join up with his new team-mates at the end of July after spending time on holiday following the World Cup and is expected to make his first appearance for the North London club during the Emirates Cup in early August.
"I'm so happy to be joining Arsenal, a club which has a great manager, a fantastic squad of players, huge support around the world and a great stadium in London," Alexis told the club's official website.
"I'm looking forward to meeting my new team-mates and to be playing for Arsenal in the Premier League and Champions League. I will give my best to Arsenal and want to make all the supporters happy.
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