Dry fermented sausage (“Chorizo”) was reformulated to produce better lipid compositions (reduced fat content and improved fatty acid profile) by replacing the pork backfat by a healthier oil combination (olive, linseed and fish oils) stabilized in a konjac matrix. Proximate analysis, fatty acid profiles, lipid oxidation and sensory analysis were studied. The fat content was 99–130 g/kg in the low-fat versus 316 g/kg in the normal fat sausages. The incorporation of an oil-in-konjac matrix reduced (P < 0.05) saturated fatty acid content and increased (P < 0.05) polyunsaturated fatty acids (PUFA), improving the n–6/n–3 ratio in dry sausage. Reducing fat decreased (P < 0.05) hardness and increased (P < 0.05) cohesiveness, with no effect (P > 0.05) on springiness and chewiness. The reformulation process produced a decrease (P < 0.05) in all sensorial parameters, compared with the control sample, although in all the sausages appearance, flavour and juiciness scored above the middle value on the hedonic scale.