The world No. 11 Almagro emerged from his two-hour, 22-minute semifinal match on Saturday a 6-4, 3-6, 7-5 winner. He saved a break point at 5-5 in the third set before breaking the sixth-seeded Swiss in the next game to improve to 10-0 on clay this year.
Almagro won 32 clay-court matches in 2011, the most by any player.
The second-seeded Spaniard will be seeking his second championship in as many weeks. He defeated Italian Filippo Volandri for his 11th career title in Sao Paulo last week.
The world No. 5 Ferrer is now 12-1 this year. He captured his 12th career title at Auckland in January.
Ferrer is 8-0 lifetime against Almagro.