Kaya Morrison-Taylor and William Craddock, both aged 22 and from Walsall, were killed in a crash on the A460 Cannock Road in Westcroft, near Essington, at 4am on Sunday.
The grey Audi S3 convertible they were in had been pursued by officers from Staffordshire Police before the crash happened near the junction with Wood Hayes Road.
Mr Morrison-Taylor and Mr Craddock were pronounced dead at the scene while a third man, aged 22, was critically injured and remains in hospital.
The identities of the men were confirmed on Wednesday as officers from the Staffordshire and West Midlands Serious Collision Investigation Unit appealed for witnesses to come forward.
The Independent Office for Police Conduct is leading the investigation due to the involvement of officers from Staffordshire Police pursuing the Audi.
The convertible was left with major front-end damage. including a smashed up windscreen. when it ended up in a hedge when it left Cannock Road ion the crash.
The road, which is the main route from Essington to Wolverhampton city centre, was shut throughout Sunday as the crash scene was examined and the Audi was recovered. A grey unmarked police car was parked behind the police cordon near the written-off convertible.
Tributes have poured in to the two men on social media, with Mr Morrison-Taylor said to have only recently become a father.
The incident that led to the police chase prior to the crash is also being investigated, with details yet to be confirmed by police.
An IOPC spokeswoman said: "We have begun an independent investigation following a referral from Staffordshire Police into the circumstances surrounding a road traffic incident on Wood Hayes Road, Essington, Wolverhampton at 4am [on Sunday], following a police pursuit. The fatal collision involved one vehicle and two people sadly died at the scene.
"Our investigators have been sent to the post incident procedures and are carrying out an assessment of the circumstances and available information.
"Our investigation follows a mandatory referral from Staffordshire Police and is in its early stages."
Witnesses who may have seen the vehicle before the collision, or anyone with relevant dash-cam footage, should message Staffordshire Police on Facebook or Twitter or call 101 quoting incident number 123 of August 1.