Campbell returns to former club Curzon Ashton, where he scored 20 times in all competitions during the 2022/23 season before completing a move to the Silkmen in May of this year.
Peers made the switch from the Nash alongside Campbell over the summer, but the pair have struggled to hit the heights they achieved last season and have only netted four goals between them so far this term.
Peers has subsequently decided to join Chester, who are 12th in the National League North.
Mark Duffy's Macclesfield side currently occupy the final play-off spot ahead of Tuesday night's home league game against Worksop Town.
To offset the departures to their frontline, they have recalled James Hardy from his loan spell at Ashton United.
He scored twice in as many appearances for the Robins and will go straight into contention against Worksop.
Photo credit: Macclesfield
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