Julian Draxler and Benedikt Hoewedes were passengers in separate cars during a Mercedes event at the team's pre-tournament training camp.
One of the vehicles was being driven by Formula One racer Nico Rosberg, but it was the other, with touring car driver Pascal Wehrlein behind the wheel, that struck two men near the team hotel.
One, a 63-year-old German tourist, was seriously hurt according to local media reports. The other victim is thought to be a circuit marshal.
Julian Draxler and Benedikt Hoewedes
The footballers were uninjured and have resumed training in the South Tyrol area of Italy.
Rosberg, currently leading the F1 championship, tweeted:
I am shocked by the accident. My thoughts are with the two people who were injured and I wish them a fast recovery
— Nico Rosberg (@nico_rosberg) May 27, 2014
The road had been closed to the public for the promotional event.
Mercedes-Benz Motorsport said in a statement: "An accident occurred during a visit to the training camp of the German National Football Team: while driving on a closed circuit, DTM driver Pascal Wehrlein injured two people whom he unexpectedly encountered walking on the closed course.
"We cannot offer any statement concerning the severity of injuries, as both injured parties are currently undergoing medical treatment. Pascal Wehrlein was uninjured in the accident.
"We deeply regret this accident and send wishes of quick recovery to the injured. We will work in full cooperation with the authorities in determining the exact circumstances of the accident."
