Negotiations between the player and the two clubs have been successfully completed, Espanyol said on their website (www.rcdespanyol.com) on Friday.
The 27-year-old has agreed a contract with Qatar-owned Malaga, one of Europe's biggest spenders in the close season, until the end of the 2013-14 campaign.
Espanyol would not be paid a fee but would receive some cash depending on his performances and Malaga's final position in the standings, they added.
Kameni, who has spent seven-and-a-half seasons at Espanyol, fell out of favour after complaining at the end of last term about what he believed was a lack of ambition at the Barcelona-based club.
He joined from French side Le Havre and helped Espanyol to a King's Cup triumph in 2006.
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