Both will be in line to make their debuts in the Carling Cup first round clash against the Imps.
Foy is a winger who has also been utilised as a striker, and is a free agent having been released by Premiership side Liverpool in the summer.
Midfielder Paul is also without a club, having been released by Aston Villa.
The 19-year-old has represented England at U-16, U-17 and U-18 level.
Iron boss Brian Laws insists his side are determined to put in a strong showing after a lacklustre performance in Saturday's 2-1 loss at Rotherham.
He said: "They feel like they've let down the supporters and themselves, they want to put that right and have a good opportunity against Lincoln.
"We can stomach a performance like that once a year, but I wouldn't want that again and the players feel the same."
Steve Torpey will return to the squad after serving a three-match ban, he will replace on-loan striker Andrea Ferretti who hasn't been given permission to play by his parent club Cardiff City.