"Internacional are gaining two great reinforcements for the second semester: Argentine striker Ignacio Scocco and midfielder Alex have agreed (deals) with the Reds and will be officially unveiled in the coming days," they said on their website.
Scocco beat the Saturday midnight international transfer deadline for players coming into Brazil when Al-Ain of the United Arab Emirates, who had loaned the striker to Newell's, agreed to sell him.
The deal for the 28-year-old, top scorer in the Argentine league last season with 24 goals, was reported in Brazilian and Argentine media at $6.5 million, a major fee in South American terms.
Scocco, with one cap and looking to be a part of Argentina's World Cup squad in Brazil next year, caught the attention of several major clubs by helping Newell's to reach the Libertadores Cup semi-finals.
He will join an Inter squad under former Brazil coach Dunga that already has four foreign players, Uruguay's Diego Forlan and one-time Argentina midfielders Andres D'Alessandro, Jesus Datolo and Mario Bolatti.
Inter also secured the return of their former Brazil midfielder Alex from Al-Gharafa of Qatar.
Alex, 31, played for Inter from 2004 to 2009, then had spells with Spartak Moscow and Corinthians.
He won the Libertadores Cup and Club World Cup with Inter in 2006 and also South America's top trophy with Corinthians last year.