FC Utrecht have rejected an initial bid from PSV for Kevin Strootman and Dries Mertens, but technical director Foeke Booy says negotiations are ongoing.
The Eindhoven club are thought to have tabled an offer of around €10million (£8.9m) to bring both players to the Philips Stadion.
But after Utrecht claimed the bid was too low, PSV might have to settle with just one of the players, according to Foeke.
"I'll be honest, PSV have made a bid for both," Booy told Voetbal International.
"We think the bid is too low and PSV have proposed for just one of them to go, which we will consider."
Defensive midfielder Strootman is regarded as one of the best young players in the Eredivisie after impressing for Utrecht since his January arrival from Sparta Rotterdam.
A number of Premier League clubs, including Fulham, have been linked with a move for the 21-year-old.
Belgian forward Mertens scored 11 goals for Utrecht last season, and is a long-term target of Ajax after a move for his signature fell through in January.