The Sunday Times is reporting that their undercover journalists, posing as US lobbyists, separately approached Amos Adamu and Reynald Temarii who each asked for money for their vote.
Adamu was filmed negotiating a deal with the reporters in which he would be paid £500,000 for his vote. Adamu, president of the West African Football Union, said the money would be used to build four artificial football pitches in his home country Nigeria.
The Sunday Times footage shows Adamu wanting the money to be paid to him directly for endorsing the bid.
The newspaper is also claiming a second member of the committee, Reynald Temarii asked for money to help pay for a sports academy.
Fifa has said it will investigate the matter and has ask for all information and documents related to the claims.
They said: "Fifa will immediately analyse the material available and only once this analysis has concluded will Fifa be able to decide on any potential next steps.
"In the meantime, Fifa is not in a position to provide any further comments on this matter."
Foreign Secretary William Hague said the government was "very disturbed" about the allegations.
He said: "It's disturbing to read what we read in today's newspapers. I don't know the truth of that but these are serious allegations.
"Of course we want all the proceedings in the World Cup bid to be carried out in a way that is ethically correct and that therefore means that everybody can respect the process and respect the result.
"I would call on all nations involved to carry out these proceedings in that way.
"We're very disturbed by those allegations. Britain, whatever happens and whatever other countries do, will deal with this in a correct way doing absolutely nothing corrupt, paying no bribes and not corrupting this system in any way."
The Fifa 24-strong committee will choose the nation that will host the 2018 World Cup in a secret ballot on the 2 December. The US and Australia have already both removed themselves from the race - instead focusing on the 2022 World Cup.
A European nation is definitely in line to win the 2018 bid. England will battle it out with bids from Russia, Belgium/Netherlands and Spain/Portugal.
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