According to Diari Groguet (thanks Kenez), Villarreal received a letter today from UEFA informing them that they would take Mallorca's place in the Europa League, pursuant to UEFA's rules of succession in these types of situations. We will wait on an official notice of this to be sure, but it is looking like a financial boon for the club.
UPDATE: Make it official. The club has acknowledged the notification from UEFA on its website. I feel bad for Mallorca, who clearly deserved their role in the competition, but I cannot help but be thrilled for Villarreal (and the club's coffers). ENDAVANT!