Hutton is out of favour at Villa Park and they are willing to let the Scotland international move on.
The 28-year-old has recently returned to Villa after a successful two-month spell on loan at Nottingham Forest and his performances alerted Mallorca.
A number of clubs are thought to have made enquiries about Hutton's availability during this month's transfer window, but Mallorca have moved to try and bring the former Rangers and Tottenham man to Spain.
Talks are believed to be at an advanced stage between both parties over a loan move until the end of the season with an option to make the move permanent.
A Mallorca source has confirmed talks are taking place between both clubs with the Spanish side setting a deadline of next Monday for the deal to be done.
Hutton is keen on the move to Spain as he wants to be playing regular first-team football to safeguard his place in the Scotland squad.