Wolfsburg look to have tied up a deal for Jefferson Farfan and are set to clinch the signature of Yohandry Orozco.
Reports in Germany on Monday link the Bundesliga side to two deadline day deals in addition to their capture of Koo Ji-Cheol.
According to Kicker-Sportmagazin, Steve McClaren's side have reached an agreement with Schalke over the transfer of Peruvian striker Farfan.
The two sides have reportedly agreed on a sum of £14.5million for the former PSV Eindhoven man, roughly half of the figure Wolfsburg received from Manchester City for Edin Dzeko.
All that remains is for Farfan, who still has until June 2012 on his contract, to agree personal terms with his new club.
Schalke boss Felix Magath kept his cards close to his chest when asked about the impending switch.
"This may be a fact then as things turn out the way you expect. Still I have no intention to discuss this matter in public," he told Wolfsburger Allgemeine Zeitung.
Farfan added: "Football is a fast business, I do not want to say if I am staying on [at Schalke 04]."
Another player expected to arrive at Volkswagen Arena is Venezuelan Under-20 international Yohandry Orozco.
The 19-year-old is reportedly set to agree to a long-term deal until June 2015 from Venezuelan side Zulia FC.
The player's agent Felipe Posso, told Wolfsburger Allgemeine Zeitung: "We have had enquiries from Italy and Spain, but this deal is the best one for the lad."
Orozco, fresh from a strong performance at the South American Youth Championship in January, added: "I have been aware that VfL Wolfsburg are looking at me, of course.
"I am however delighted and surprised things materialised at such a speed now. I am proud to be joining this great club."