The Canada-born midfielder, younger brother of former Deportivo La Coruna player Julian De Guzman, has joined the islanders on a three-year deal after making over 100 appearances for Feyenoord, where he arrived at the age of 12.
De Guzman, who has Dutch nationality and represented Holland at the Beijing Olympics two years ago, is delighted with the move.
"I am very happy and proud to be here at Mallorca - I have thought a lot about this moment," he told the club's official website.
Mallorca have been expelled from this season's Europa League due to the club's financial problems, but De Guzman says the confidence shown in him is more important than playing in European competition.
"I have a great interest in the Spanish league and the most important thing is the faith the club has shown in me," the 29-year-old said.
"I have spoken a lot to (Mallorca owner Llorenc) Serra Ferrer and (coach Michael) Laudrup and the most important thing is the faith they have shown in me, not the Europa League."