Liverpool are said to have strong interest in the Eintracht Frankfurt and Bayer Leverkusen stars respectively.
Per Sky Germany, the Reds are ready to put in a bid for Pacho, who is valued at around 40 million.
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Signing Hincapie may be a little tougher, as Leverkusen are not eager to break up their title winning team.
While one or two players may leave, as they have release clauses that can be triggered, others are minded to stay.
Coach Xabi Alonso also rejected Liverpool to remain at Leverkusen for at least one more season.