Blackburn Rovers are planning a double raid on Valencia.
Both players are believed to have been targeted by manager Paul Ince as he looks to strengthen his squad, though the club has yet to comment.
Ince is in search of a right-sided midfielder to replace David Bentley.
And he may need a new striker as speculation continues over the futures of Roque Santa Cruz and Benni McCarthy.
It is understood that Spanish international Joaquin, 27, would cost in the region of £9m, while 6ft 8ins tall Serbian international Zigic, who has also been linked with Hull and Stoke, is available on a season-long loan.
