Canaries boss Chris Hughton has also signed strikers Ricky van Wolfswinkel and Gary Hooper this summer.
"I'm very glad the deal has been done and now I'm looking forward to the season ahead," said Elmander.
Johan Elmander spent three seasons at Bolton
"I'm very happy. I'm really looking forward to starting training with the lads and to playing some games also.
Elmander scored 18 goals in 92 Premier League appearances for Bolton, having joined them from French club Toulouse for around £10m in 2008.
The Sweden international left Bolton in 2011 after his contract at the Reebok Stadium expired, and moved to Istanbul.
"I'm really delighted to bring in a player of Johan's experience, not only at club and Premier League level but as a current international," Hughton told the club website. "It's great to welcome him to our squad."
Van Wolfswinkel, who scored for Norwich in their 2-2 Premier League draw against Everton on Saturday, cost the Canaries £8.5m from Portuguese side Sporting Lisbon, while Hooper made a £5m move from Scottish champions Celtic.
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