The Spaniard is awaiting a ruling by the Court of Arbitration for Sport, due mid-day on Monday, Europe time, on whether or not the Spanish Cycling Federation was correct in letting him off without a sporting ban after his 2010 Tour de France anti-doping positive for clenbuterol.
Despite having the specter of a possible two-year ban, the start date of which could range anywhere from the date of his positive test until his last day of competition, Contador is free to race under the UCI's rules.
The Trofeo Palma de Mallorca is part of the Challenge Ciclista Mallorca, a four-race points series that takes place on the Spanish island from February 5-8.
Last month, Contador kicked off his season by winning two stages of the Tour de San Luis in Argentina and finished second overall. The CAS could strip him of all of his results from the time of his positive test until his most recent race should it decide in favour of the UCI and WADA.