Following the agreement, Thomas Cook Airlines and sister airline Condor will offer connecting flights via Palma de Mallorca, Ibiza and Las Palmas to destinations like Salamanca, Santiago de Compostela and Seville.
Passengers can then catch connecting flights to various Spanish destinations including Bilbao, Malaga and Salamanca.
"This cooperation expands our range of services,” said Christoph Debus, chief airlines officer of Thomas Cook Group Airline.
“With Air Europa we have a strong partner that allows us to offer our customers new holiday destinations on the Spanish mainland.
"Furthermore, our guests can take advantage of new flight connections between the Balearic Islands and the Canary Islands.
"If, for example, a direct flight to Lanzarote is no longer available, the chosen holiday destination can still be booked at the preferred time via a connecting flight from Las Palmas."