The 26-year-old has penned a four-year deal with Ajax, who are also looking to sign Egyptian striker Mido but are yet to reach an agreement with Middlesbrough over his transfer.
"Yes, the Ajax shirt feels good," El Hamdaoui, who was the top scorer in the Durch league when Alkmaar won the title in 2009, said on his new club's official website.
"I am pleased that the negotiations are behind us. Everyone knows that Ajax is a big club."
El Hamdaoui is set to partner Uruguayan striker Luis Suarez, who helped his country to a surprise fourth-place finish at the World Cup in South Africa.
He will also be reunited with Dutch coach Martin Jol, who signed him at English side Tottenham Hotspur five years ago.
"I look forward to working with Luis Suarez and playing together. I like to play with good players," El Hamdaoui added.
"With Martin Jol, I have always had a good relationship."
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