Newcastle are attempting to complete deals for Viktoria Plzen striker Michael Krmencik and Sparta Prague goalkeeper Martin Dubravka before the close of the transfer window, the Daily Mail have reported.
The Magpies have found goals difficult to come by this season, hence manager Rafa Benitez's pursuit of a new forward.
Newcastle have found the net just 22 times in 24 Premier League games, and have been left embroiled in a relegation battle due to this attacking profligacy.
Saturday's 3-0 FA Cup defeat against Chelsea did little to convince in all departments, leading to further calls for reinforcements.
Krmencik, who has 11 goals in 14 league appearances so far this season, has been identified as a prime target.
Newcastle have made an enquiry for the 24-year-old and been met by a valuation of £10m.
Benitez is also believed to be keen on adding a goalkeeper to his squad, with Dubravka the man who could be called upon to help improve the Magpies' defensive record.
The 29-year-old, who like Krmencik also plays in the Czech first division, was left out of Sparta’s friendly against Loko Vitavin last week sparking rumours of an exit.
According to the Chronicle, Sparta want Newcastle to pay a £1.25m loan fee and agree to a £4m obligatory-purchase clause for the summer, or for Newcastle to pay a £2.2m loan fee with a £3.2m option to buy.
The Premier League club have yet to make an offer but are reportedly hopeful of completing a deal before the end of the month.