According to reports from Sportswire, both players have already linked up with John Maduka's squad, which sits second from bottom with just 11 points from 14 matches.
The timing is notable, with Magesi scheduled to face Pirates at Orlando Stadium on 31 January - a reunion that could test the loanees against their parent club.
The 23-year-old Ndlozi made his Pirates debut against Sekhukhune United in December 2024, but has struggled for minutes behind Deano van Rooyen, Thabiso Lebitso, and Bandile Shandu at right-back.
He has only featured in three matches across all competitions this season, prompting the club to send him out for regular game time.
Luthuli, meanwhile, has yet to appear in a competitive match this season, despite scoring in December when Pirates lifted the Carling Cup after defeating the Carling All-Stars at Moses Mabhida Stadium.
The striker remains behind Tshegofatso Mabasa - who is also set for a loan move to Stellenbosch - along with Evidence Makgopa and Yanela Mbuthuma in the attacking pecking order.
The loan moves continue Pirates' trend of giving fringe players opportunities elsewhere, following similar stints for Yanga Madiba, Thuso Moleleki, Karim Kimvuidi, Goodman Mosele, Abdoulaye Mariko, Tshepho Mashiloane, and Kabelo Kgositsile.
For Magesi, the additions of Ndlozi and Luthuli offer a timely boost as they prepare for the second half of a challenging season.