The 26-year-old fell out of favour with manager Mauricio Pochettino last season and is now set to join the Islanders in exchange for the former Chelsea youth player
Marquez made just nine league appearances for Espanyol during the 2011-12 season after struggling with an ankle injury throughout.
Having failed to regain his place in the side after returning to full fitness, and being left out of manager Mauricio Pochettino's plans, Marquez declined to sign a new contract with Los Pericos.Interest in the 26-year-old has reportedly come from several clubs, most notably Valencia, meaning that his move to Mallorca had been largely unexpected.
Tejera, who will move in the other direction, spent six years at Espanyol as a youngster before joining Chelsea in 2006 for a three-year spell.
The Barcelona-born midfielder played 15 times for Joaquin Caparros’ side last season.