The 28-year old Scottish right-back will spend the remainder of the season with the Spanish club with the view to a permanent move in the summer.
"I hope to give all I have to offer. I am very excited to come to this club. I was very excited to be able to come to play in Spain," said Hutton, who had a loan with Nottingham Forest earlier this season.
"For me it is a new project, a new league, a new country, and I have come with lots of knowledge because I've been able to speak with players I know.
"I knew about the interest from Mallorca about two months ago, and from then on I told my agent it was my first and only choice."