Paddy Jackson and Stuart Olding are set to sign for Sale Sharks, according to a report in the Daily Telegraph.
The players had their Ulster and Ireland contracts revoked last month in the wake of a rape trial in Belfast in which they were acquited.
It is understood that the English Premiership club will not confirm the signings until their season ends.
A jury of eight men and three women found Jackson, 26, and Olding, 25, unanimously not guilty of rape after deliberating for three hours and 45 minutes after a marathon nine-week trial at Belfast Crown Court.
All jurors also acquitted Mr Jackson of sexual assault.
An Ulster Rugby and IRFU review focused on a series of sexually explicit WhatsApp conversations revealed during the trial involving the players and their friends.