The militants, who were aged 48 and 25 and using the pseudonyms Abu Bakr and Mansoor Ahmed, were in a vehicle with two other fighters.
The men, one of whom was apparently called Steve, died five days ago when a Hellfire missile was fired from a remote controlled American drone in the town of Datta Khel.
If confirmed, they would be the first white British converts to have been killed in the area, The Telegraph reports.
They had entered the country last year and travelled to the town in North Waziristan in the lawless tribal belt bordering Afghanistan, to join al-Qaeda, the report on Channel Four News said.
In September another British militant called Abdul Jabber, who was of Asian descent, died in a drone attack in the same area.