Both stars suffered untimely deaths and the films, from ITV prodco Potato, will look at the true stories behind the loss of the Queen and The Carpenters singers.
Freddie Mercury: The Great Pretender Revealed and Karen Carpenter: Goodbye To Love will both run to 1x120mins.
Potato has already made Whitney Houston docudrama Whitney & Bobby: Addicted To Love for Channel 5.
Who will sell the films internationally is not clear but it is known that neither ITV Studios nor the sales arm of Channel 5 owner Viacom will handle distribution.
Michael Kelpie, executive producer & managing director, Potato said: “These films tell their stories in a compelling, truthful and respectful way and remind us all of how much we miss them both.”
Guy Davies, commissioning editor, factual, Channel 5 added: “These sensitively told stories will focus on two icons of our time who left their mark on millions of people across the globe.”