The collision occurred just before two o'clock in the vicinity of the city of Inca on the central part of the island. According to Spanish media, two people were in the helicopter and three people were in the aircraft. One of the passengers was a minor, El Mundo writes.
Both aircraft crashed to the ground and all passengers are reported to be dead.
The police department Guardia civil has, together with the Spanish aviation authority Aviacion civil, launched an investigation to find out what caused the collision, reports the local newspaper Diario de Mallorca.
The regional president of the Balearic Islands, Francina Armengol, expresses her sympathy for the accident on Twitter and at the same time announces that emergency services are working on the scene.