The security guards, identified as Alan McMenemy from Scotland and Alec MacLachlan from South Wales were among five Britons kidnapped in Baghdad in 2007.
According to media reports, the British Foreign Office last week told their families that the men were likely to be dead.
The bodies of two of the other hostages, security guards Jason Swindlehurst, 38, and Jason Creswell, 39, were handed over to authorities in Baghdad last month.
An inquest found the men died of gunshot wounds, although it is not clear exactly when they died.
The condition of the fifth hostage, IT consultant Peter Moore from Lincoln, is unknown.
