Sky Sports are reporting that Barry Ferguson, 33, has agreed a two-year deal with an option for a further year after leaving Birmingham City.
The former Rangers star is joined at Bloomfield Road by defender Bob Harris, who has also penned a two-year deal after impressing on trial.
Harris, 23, joins from Queen of the South and is delighted to have finalised his move to England.
"I always wanted to come down here and give it a shot," said Harris on the club's website.
"I'd been at Queens for four years and I needed a new challenge. I'm now at Blackpool and I'm looking forward to getting started."