The Spanish side have the option to agree a permanent deal in the close season.
The 28-year-old has had stints with Villa, Rangers and Tottenham Hotspur among others, and will be presented on Tuesday, Mallorca said.
Mallorca are 19th in La Liga, three points from safety after a 3-2 home defeat to Malaga on Sunday.
Hutton moved to Villa Park in 2011 from Tottenham in a deal thought to be worth £3million but, although he was a regular under Alex McLeish last season, he largely underperformed.
When Paul Lambert arrived from Norwich over the summer, Hutton was rumoured to be heading for the exit door when he was left out of the 25-man squad for the pre-season tour of the United States.
The former Rangers man has spent part of this season on loan with Championship side Nottingham Forest.
And even though Villa are hovering just above the Premier League relegation zone, Lambert has refused to issue Hutton a lifeline.