"Welcome Mario! Yepes has become a new San Lorenzo player. Welcome to the champions of (South) America," the Saints said on their Twitter account (@SanLorenzo) late on Friday.
The 38-year-old central defender, who led Colombia to the World Cup quarter-finals where they lost to Brazil, played for River Plate from 1999-2002 before embarking on an European career.
Media reports said Yepes, who in August turned down an offer from Argentine rivals Independiente, was enticed to join Libertadores Cup winners San Lorenzo to play in the Club World Cup in Morocco in December.
Former Paris St Germain and AC Milan defender Yepes, a free agent after ending his contract with Atalanta, is winding down his career.
Yepes, won the Copa America with Colombia in 2001, has quit international football as the country's second-most capped player with 102 appearances.
(Writing by Rex Gowar; editing by Sudipto Ganguly)
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