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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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.