The pair have struggled to break into the first team. Swiss international Djourou, 25, has made only two appearances for the Gunners this season and Frenchman Squillaci, 32, has played just once.
"Squillaci, if he finds a club, he will certainly go," Arsene Wenger said.
"Djourou might go somewhere as well, that will be decided in the next 48 to 72 hours."
Arsenal have struggled to find consistency this season and lie in the table, four points off a Champions League qualification spot.
Wenger said there was "no news" on the possible departure of Russian winger Andrei Arshavin.
He also played down questions surrounding who Arsenal might be signing, saying he wanted to focus on the players who were at the club.
"Those players who are somewhere on the transfer market will not help you to win the games. For us it is important to focus on our next game and our next game can only be won by the players who are here," he said.
Looking ahead to Arsenal's FA cup tie at Swansea on Sunday, the Frenchman said he would be fielding a strong side.
"We play at Swansea; it's a difficult tie, but of course we want to come out on top... We will put our maximum effort in on Sunday to win the game" he said.
"The FA Cup is something special because it is exciting, it is watched all over the world."
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- Arsene Wenger