Arsenal are believed to be keen on bringing Dani Guiza and Ruben de la Red to Emirates Stadium.
Mallorca striker Guiza finished the 2007/08 season as the Primera Liga's top scorer, bagging 27 goals in 37 appearances.
He is also rumoured to have attracted the interest of Barcelona and Valencia, and is likely to demand a transfer fee of around 15million euros (£11.8m).
Midfield star De la red has enjoyed a productive year at Getafe, but has recently seen Real Madrid take up the option to bring him back to Santiago Bernabeu.
Despite returning to the Spanish champions it is expected that an offer of around 12million euros (£9.4m) would tempt Los Blanco into a sale, a valuation which could also lure Tottenham into renewing their interest in the player.
Both Guiza and De la Red have been included in Spain's squad for Euro 2008 and could find themselves on the shopping list of a host of other clubs, should they succeed in transferring their impressive domestic form onto the international stage.