It is believed that the Turin giants had representatives present for the Europa League quarterfinals clash between the players' club sides in Germany earlier this week
The Bianconeri are widely expected to continue their squad renovation in the summer, and the duo are thought to be in the Turin-based club's sights.
Antonio Conte's men are unbeaten so far in the Italian top flight this season, but poor finishing at times has seen them draw 14 of their 29 games.
Farfan impressed in the Gelsenkirchen outfit's Champions League campaign last term, and has continued his stand-out displays in 2011/2012.
The Peruvian is out of contract in the summer, and has admitted his reluctance to extend his stay at the Vetlins Arena in the past.
Llorente meanwhile has been the source of transfer speculation consistently over the recent years, as the Athletic Bilbao striker continues to find the back of the net on a regular basis.
The Spain international scored a brace in the Basque team's impressive 4-2 win in Germany over Schalke on Thursday.