The 27-year-old started 19 games for Mallorca in 2012-13, but could not save them from an 18th-placed finish and relegation to the Segunda Division.
However, he has made an immediate return to the Spanish top-flight, sealing a temporary switch to the Martinez Valero outfit.
Marquez told the club's official website: "The project of this club is very interesting. I already knew several members of the squad and have spoken highly of the dressing room.
"I am going to push myself to give my best for the team and that will benefit everyone."
Elche sealed promotion to La Liga by virtue of winning the Spanish second tier last season.
Marquez becomes manager Fran Escriba's sixth loan signing of the transfer window, following the arrivals of the likes of Manu del Moral and Ruben Perez.
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