The French pair have been released from their contracts early.
The Magpies boss says Gabriel Obertan and Sylvain Marveaux could well have a role to play in the closing weeks of the season.
Steven Taylor is one of the players whose contract runs out in the summer.
The two were on loan at Nottingham Forest and Guingamp respectively last season, but have recently suffered with injury.
Newcastle are keen to offload some outcast players in January.
Peter Beardsley says the plan was to only play Sylvain Marveaux.
Newcastle winger Marveaux could be ready to break back into the Magpies’ first-team.
The Newcastle United Under-21 side will face their Swansea City counterparts this afternoon.
Several squad players are unavailable for selection this weekend.
Magpies assistant coach Paul Simpson has confirmed the Frenchman is a week or two away from returning to training.