British sprinters James Ellington and Nigel Levine required urgent medical treatment following a motorcycle accident in Spain on Tuesday night.
The Team GB representatives at the Rio Olympics reportedly crashed into a car driving on the wrong side of the road in Tenerife where they were warm-weather training.
Both athletes were said to be "conscious and stable" by British Athletics who sent their own medical team to liaise with local doctors.
"Everyone from British Athletics is saddened to hear the news of this unfortunate accident and wish them both a speedy recovery," the organisation said in a statement.
Travel arrangements have been made for family members to visit the duo.
The 31-year-old Ellington, who is coached by Linford Christie, raced for Team GB in the 100m and 4x100m relay in Rio last summer while 27-year-old Levine competed in the 4x400m.
Both racers won gold for Britain in their respective relay events at the 2014 European Championships in Zurich.
After hearing of the news Team GB teammates including Adam Gemili, Dina Asher-Smith, Richard Kilty and Greg Rutherford expressed their dismay.
"Please can you keep a space in your prayers for James and Nigel," wrote Ellington's 4x100m teammate Gemili on Twitter. "Absolutely gutted to hear this news. Stay strong guys!"