The 6ft 5inch stopper has signed a pre-contract agreement and will join the squad in October when Lyn, his current club finish their season in the Norwegian league. He is the current number one keeper for his country and is only 23 years old but will not be settling for number two spot at the Reebok Stadium next season.
My ambition is to be Bolton's first choice," Ali told footballasia.com. "This move will give my career a big push forward. It is a great thing because the Premier League is the best in the world.
Manager Sam Allardyce told the Official site: "It is very satisfying to finally sign Ali. We've been monitoring his development for quite some time and I am delighted that hat he has selected us ahead of a number of other high profile clubs who were keen to sign him.
"Ali has a massive presence in front of goal and will add much needed competition in a key area for us. He aspires to be a great keeper in the Premiership and we'll certainly give him the platform he needs to become a respected player in the best league in the world."
Al Habsi added: "I've always wanted to play in the Premiership and it is very special that Bolton want me to play for them. The Club is going places and I was impressed with Sam Allardyce's hopes for the future. With my strong ambition and Bolton's desire to be a top club in Europe, the partnership fits perfectly.
"The move itself is a big step because I'm still young and I have a good future ahead of me. I feel honoured that moving to England has come true. This is a big deal for the history of Arabian and Asian football because I will be the first goalkeeper from the region to play in the English Premier League."
Meanwhile, Bolton have pulled out of the transfer of Igor Tudor. The Juventus defender was interested in a move to the Premiership but the deal has collapsed due to unknown reasons.