Louisville linebackers James Hearns and Henry Famurewa were among three people shot near the school's campus early Sunday morning, a source confirmed to ESPN's Andrea Adelson.
The players didn't suffer life-threatening injuries and are expected to make a full recovery, according to the source.
Louisville has not confirmed whether any victims are student-athletes at the school.
Yusuf Shakir, who coached Hearns at Lincoln High School in Tallahassee, Florida, told USA Today that Hearns told him he had been shot in the elbow and that "he's OK" and, "He knows it could have been a lot worse."
Hearns, a junior, played in all 12 games season and led the Cardinals with eight sacks this season.
Famurewa, a sophomore, recorded two sacks this season.
WHAS-TV first reported the shooting.