Vojvodina striker Danijel Aleksic and Partizan Belgrade winger Adem Ljajic are targets for Arsenal.
Gunners scout Francis Cagigao is in Serbia to watch the pair in action.
Goran Milosavljevic, who had a spell at Chester City as a player, is the scout who is working with Cagigao.
"We are watching Danijel Aleksic and Adem Ljajic," Milosavljevic confirmed to nogomet.com. "We have been watching Ljajic and Aleksic for quite some time now, especially Ljajic, because we watched the match between Partizan and Radnicki in September.
"If Aleksic and Ljajic do have the qualities to play for Arsenal, the club management will do everything to bring them both to London.
"Everything will depend on Vojvodina and Partizan then."