The Costa Rica striker had been linked with a move to Barclays Premiership side Portsmouth but will instead play in the Q-League after Al Gharafa agreed a nominal fee with Malaga for his services.
Wanchope told his official website: 'I arrived in Qatar at the weekend and I was convinced that the option of the Al Gharafa club was the best one.
'I am very happy with the decision that I took because I found good conditions sporting and economic and mainly because I signed with a great club with a lot of ambition.'
Wanchope struggled to adapt to the Primera Liga but enjoyed spells in England with Derby West Ham and Manchester City.
'I fulfilled the dream of playing in England and Spain' he added.
'I improved as a player and I acquired the maturity necessary to develop in competitive leagues. Now I will face another challenge.'