Arana, 31, played in LaLiga for Racing Santander and has also represented Castellon, Rayo Vallecano and Recreativo Huelva.
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Brisbane snap up Spanish ace Arana
"I am very happy and honoured to have joined such a successful club," Arana said.
"I am very excited to be in Brisbane and can't wait to get on the field and wear the orange jersey for the first time."
Roar coach John Aloisi said he was pleased to land Arana ahead of the club's season opener against Melbourne Victory next Friday.
"Manuel is a footballer with a great deal of experience playing at the top level who will suit the Brisbane Roar style of play," Aloisi said.
"He is a winger with an eye for goal, very versatile and can play anywhere in the front three. It is important that we have competition for places and players that are going to push each other.
"Most importantly he is a great person who I believe will definitely fit into our club culture."
Arana said he had been in contact with former Recreativo team-mate Dimas, who now plays for Western Sydney Wanderers, to find out more about the A-League.
"My former team-mate Dimas has been telling me about the style of football here in Australia," Arana said.
"I know that the A-League is a high quality, fast and physical footballing league that I believe will suit my style of play."