Upon completing his transfer, Matias said: "I'm very happy with the new club and I can't wait to wear the jersey of Delhi Dynamos. It will be a great challenge for me in a league that is growing every day and is bringing in great players."
Matias's versatility can see him occupy the position behind the striker or on the wings and his lethal left foot makes him a potent threat from set pieces. Known for his blistering pace, he could prove to be a handful for the opposition defence.
Matias made his debut shortly after his 18th birthday and became a mainstay in Racing Montevideo's side, scoring nine times in 43 appearances.
"I'm happy to have Matias join Delhi Dynamos this season. He is going be to an attacking threat in our midfield with his ferocious left foot. He brings a lot of experience and I'm sure he's going to make an impact in our midfield," said Delhi Dynamos director Rohan Sharma.