The men were named as Ibrahim Adam, 24, and Mohammed Azmir, 37, by their family and friends, Britain`s Press Association domestic news agency reported.
They were killed in the lawless Waziristan tribal region bordering Afghanistan at least three months ago, it reported.
"We`re aware of reports and looking into them further," a Foreign Office spokesman told AFP.
A government source said that getting confirmation would take time because the area is remote.
Adam, from London, was wanted by British authorities after absconding from a government "control order" used to limit the movements of suspected extremists in May 2007.
Azmir, a father of three who lived in Ilford, a town east of London, was slapped with a finance ministry order in February 2010 freezing his assets over concerns that he was involved in funding terrorism. (*)
Editor: Kunto Wibisono
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