Remainers Philip Hammond and Ken Clarke have been listed to receive a peerage to the House of Lords.
Both were listed as nominations from the leader of the Conservative Party.
Former Speaker John Bercow missed out on receiving a peerage.
Mr Bercow, who served in the position for 10 years, was nominated by former Labour leader Jeremy Corbyn, despite having formerly being a Conservative MP.
But concerns were raised about outstanding bullying claims made against him by former Commons officials, which he strenuously denies.
Mr Bercow will now be the first House of Commons Speaker in 230 years not to be nominated for the accolade.
Lord Fowler, the Lord Speaker, hit back at the increased number of Lords and said the House will be almost 200 greater than the House of Commons.
He said: “This list of new peers marks a lost opportunity to reduce numbers in the House of Lords.
“The result will be that the House will soon be nearly 830 strong – almost 200 greater than the House of Commons.
“That is a massive policy u-turn. It was only two years ago that the then prime minister, Mrs May, pledged herself to a policy of ‘restraint’ in the number of new appointments. It was the first time that any prime minister had made such a pledge.
“This followed a report by a special Lord Speaker’s committee chaired by Lord (Terry) Burns proposing that numbers should be reduced to 600.
“This was debated by the Lords itself with over 90 speakers, commanding overwhelming support.
“The big opportunity was for the present Government to take forward this movement for reform. I emphasise that this is not a matter of personalities. It is a question of numbers and the abandonment of an established policy to reduce the size of the House.
“It is also a vast pity that the list has been announced within the first few days of the summer recess when neither House is sitting, and the Government cannot be challenged in Parliament.”
Other notable names include the Prime Minister’s brother Jo Johnson and his chief strategic adviser Sir Edward Lister.
Former leader of the Scottish Conservatives Ruth Davidson will also head to the House of Lords.
This is a breaking story…more to follow