Police said the men, aged 21 and 27, handed themselves into the police on Friday morning and were placed in custody.
But officers confirmed that after "fully co-operating with the police" the pair were released. Enquiries to trace the driver of the car are still ongoing.
A spokesman for West Midlands Police said: "Two men arrested on suspicion of causing death by dangerous driving have fully co-operated with police and been released with no further action. Enquiries to trace the driver are continuing."
The woman who died was named on Friday as 52-year-old Kulvinder Kaur.
Ms Kaur was walking along Cavendish Road, Beechdale shortly after 1pm on September 12 when she was hit by a grey Peugeot 206.
She was pronounced dead at the scene.
A damaged car, believed to have been involved in the crash, was found abandoned on the nearby Gurney Road shortly after.