Yotun, who can also play on the wing, joins a Malmo side which finished bottom of a Champions League group this season that also contained Atletico Madrid, Juventus and Olympiakos Piraeus.
"With his speed and technique he has the good qualities that are needed to become an important player," the Swedish club's sporting director Daniel Andersson said in a statement.
The 24-year-old Yotun has won 34 caps for Peru.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
(Reporting by Philip O'Connor, editing by Tony Jimenez)
