Rolando Aarons and Achraf Lazaar are set to join Sheffield Wednesday.
Winger Aarons and left-back Lazaar have been frozen out at Newcastle United by Rafa Benitez.
Benitez revealed earlier this month that he was looking for "solutions" for the pair, who are both under contract at St James's Park until 2021.
The Championship club have agreed loan deals for the pair, according to the Sheffield Star, the Gazette's sister newspaper.
Callum Rorberts joined Colchester United earlier today, while fellow winger Jacob Murphy is reportedly undergoing a medical at West Bromwich Albion.