The club captain has penned a new agreement to 2027.
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Raillo has been with Mallorca since 2016 and said: "I feel proud and happy. We've come a long way, with moments of all colors, good and bad. For me, it's always a joy.
"With the same ambition as on day one, we set goals and achieve them step by step: that's what gives meaning to our daily work."
On Mallorca's form this season, Raillo continued: "Even in the most difficult moments, you see how your teammates work and you know you'll give it your all for them. Now more than ever, we need to be united, as a family: players, coach, fans, and club.
"Together, we can save ourselves. We need to improve in every aspect."