The 25-year-old was out of contract at the Reebok Stadium and former Bolton boss Sam Allardyce was hoping to persuade the defender to link-up with him again at Newcastle.
But Ben Haim, who came close to signing for Chelsea in the January transfer window, opted to sign a four-year deal at Stamford Bridge instead.
Chelsea said in a statement: "We can confirm we have completed the signing of Tal Ben Haim.
"The Israel international, formerly at Bolton where he was out of contract, completed his medical and agreed personal terms today on a four-year deal.
"He becomes the third new addition to the first team squad following Claudio Pizarro's signing earlier this month and the agreement that Steven Sidwell will join on July 1."