It is understood Martina Anderson and Karen Mullan were informed last week by party officials, the Irish Examiner has reported.
Previously, the party have said they “accepted recommendations from a review” and will begin to set up an electoral strategy group in Derry.
No details have been given about who will step aside and who will replace them.
It follows concerns by Sinn Féin around recent disastrous election results in the Foyle constituency.
In the 2019 UK General Election, then Sinn Féin MP Elisha McCallion lost her Foyle seat to SDLP leader Colum Eastwood by more than 17,000 votes.
Months earlier, the party lost five seats on Derry City and Strabane District Council, losing its position as the largest party at council level.
Sinn Féin has said the strategy group will now be established in the Foyle constituency ahead of next year’s Assembly elections.
Both Ms Anderson and Ms Mullan were co-opted into the Stormont Assembly in 2017.
Ms Anderson, who stepped down from her MEP role in 2017, replaced Raymond McCartney in March that year.
Karen Mullan replaced Elisha McCallion as a Foyle MLA in June 2017 following Mrs McCallion’s election as an MP for Foyle.
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