SuperSport United's Lakay had a spell on loan at Ajax Cape Town last season, while Ntuli has spent most of his time as a Mamelodi Sundowns player on loan at Platinum Stars.
Ex-Golden Arrows forward Ntuli has also been linked with a move to AmaZulu.
According to a source close to Maritzburg, the club is looking for a replacement for Zimbabwean targetman Evans Rusike, who joined SuperSport in January.
"The club is looking for a striker to replace Evans Rusike upfront," says the informant.
"Both Ntuli and Fagrie fit the criteria. The club is very interested in both players."
The Team of Choice recently signed Denwin Farmer from Matsatsantsa and fellow defender Luke Fleurs from Ubuntu Cape Town, and also extended the contract of Belgian marksman Andrea Fileccia.
However, influential centre-back Bevan Fransman has left the Nedbank Cup finalists.