The duo accepted a proposal from the stricken club to receive reduced salary payments, according to Hearts manager Gary Locke.
Administrators BDO have been appointed to oversee the rescue efforts and four members of the Tynecastle squad are expected to be made redundant.
Locke said: "There is no update on the names of the players to be made redundant but the good thing is that two players - Ryan Stevenson and Jamie MacDonald - have agreed to take wage cuts to stay.
"That's a bit of positive news, especially for myself. It's a magnificent gesture from the two players and they are the type of players we want at our football club.
"We have all made sacrifices over the last few days and now we just hope the fans can do the same."
Hearts, who owe £25m to Lithuanian companies UBIG and Ukio Bankas, made 14 members of staff redundant on Thursday.