Executive producer Phil Collinson is planning to offer O'Brien, who played Sarah-Louise Platt, and Sanderson (Candice Stowe) "big-money deals" in a bid to fill the gap that will be left by Helen Flanagan and Katherine Kelly when they leave next year.
Writers are now working on potential comeback storylines for the duo, according to the Daily Star Sunday.
A source close to Collinson told the paper: "He's aware that Sarah-Lou and Candice were hugely popular characters. He thinks it would be a ratings winner to bring them back. Losing Katherine and Helen is a big blow to the show so Phil wants to beef things up a bit with the return of a couple of big names.
"He hasn't even spoken to them about returning yet because he wants to go in armed with a big deal that they can't say no to.
"Luckily, ITV have every faith in him and have handed him an open cheque book to lure whoever he thinks will be good for the show."
Sanderson left Coronation Street in 2005, while O'Brien last appeared in the soap in 2007.
Flanagan confirmed her exit from the Street last month and Kelly already has a theatre role in She Stoops To Conquer lined up for when she leaves. Get the Inside Soap magazine on your iPhone or iPad