They are expected to be among more than 50 new peers, including around 40 Tories, who will be named this week along with a list announcing other honours.
The list is thought to include knighthoods for former Lib Dem ministers Vince Cable and Danny Alexander, who are reported to have turned down peerages.
The pair, who both lost their seats at the election, will be nominated for the gongs when the post-election honours list is published.
Both are thought to have turned down the chance of becoming members of the House of Lords.
The raft of gongs for former political figures will spark criticism that the honours system is being used by political leaders as a reward for failed politicians kicked out by the voters.
That’s what the dissolution honours list is for. So, using it to do this doesn’t sound all that awful really.