Police initially thought the man may have murdered, local newspaper Diario de Mallorca reported.
The UK citizen died who after falling ten stories and landing on a car parked out the front of 5 Magaluf Avenue.
His body was found at six o'clock on Tuesday by a local out walking his dog.
The man — identified by local daily Ultima Hora with the initials D.L.K — was found wearing only bathers and flip flops, and had a lock of his own hair on his arm.
Further investigations revealed no signs of violence at the scene, however, and the man's injuries were consistent with his fall, police reported.
Police are now trying to determine if the man's death was a suicide or an accident.
Sources at the British Embassy in Madrid told The Local they were aware of the death of a British citizen in Magaluf and that consular services in Majorca were currently providing support to the family of the man.