Burton and Fagan have both been on trials at the club this month, with each player searching for a new club after leaving Gillingham and Bury Town respectively at the end of the season.
"We are lacking a little bit in terms of numbers up top. When big Chris [Iwelumo] isn't playing we seem to lack an edge at that end of the park. But, more than that, we also need different options," Laws told the club's official website.
"Craig is a good link man between the midfielder and the striker. Deon's record at Gillingham was one in two. So with that in mind it was a no-brainer when the opportunity to have a look at them came along."
The pair are expected to turn out for Scunthorpe in their pre-season friendly with Frickley Athletic on Tuesday.