The 30-year-old passed a medical exam in the Chilean capital on Saturday after parting ways with US club Atlanta United, Colo Colo said on their official website, reports Xinhua news agency.
"I'm happy to have arrived at a club like Colo Colo," Carmona said. "To play in a big club like this was one of my remaining career goals. I'm very happy to be returning to Chile."
Carmona has not played in Chile since 2008, having spent nine seasons in Italy before his 12-month spell with Atlanta.
He is Colo Colo's second new signing this year, joining former Deportes Iquique goalkeeper Brayan Cortes.
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