The former Villarreal shot stopper has been signed to stand in for Iker Casillas and provide competition to the Spaniard after he recovers from injury.
Lopez had failed to get substantial game time this season for Sevilla, with Andres Palop ahead of him in the pecking order.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.