The inputs, which even specified the names of the suspects, say the duo may masquerade as taxi drivers to execute their terror plans, sources said.
They declined to divulge the names of the suspects and their nationality lest it hamper investigation.
The police has intensified patrolling and checking of taxis across Mumbai. The city's traffic police is conducting random checks of taxi licences.
Intelligence inputs about possible terror strikes have become a frequent occurrence since the 26/11 attacks and all precautions in this regard have been taken, the police said.
Police detectives are searching various inns and hotels to check if foreign nationals are staying there without proper documentation.