The Russian, 32, has not played since withdrawing from the St Petersburg Open in January, undergoing surgery the following month.
Sharapova had hoped to return at the French Open, but pulled out of the second grand slam of the year as she was "slowly building the strength back" in her shoulder.
Having missed the clay-court season, Sharapova will be hoping to hit the ground running on grass in Spain next week with Wimbledon on the horizon.
"I am very happy to be able to announce that I am going to accept the wildcard to play the Mallorca Open," Sharapova said.
"I want to thank the tournament for the opportunity it gives me and all my incredible fans who have been supporting me in recent months."
Other competitors in Mallorca will include Wimbledon champion Angelique Kerber and shock 17-year-old French Open semi-finalist Amanda Anisimova.
The 49-ranked Sharapova missed Wimbledon in 2016 and 2017 before crashing out in the first round last year.