The 30-year-old has signed a one-year contract with Malaga and joins the club on a free transfer.
Saviola join Benfica from Real Madrid in 2009 in a €5million deal.
The former Argentina international had his contract with Benfica terminated on Thursday.
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.