Coveney, 21, captained Manchester City under 18s, lifting the Premier League North Trophy in 2016/17 before signing a two-year deal at Nottingham Forest in July 2017.
The midfielder signed for Colne following his release from Forest last summer.
Lugsden featured for Ramsbottom United last term but will be a familiar face to some of the Matlock squad, having played at Shaw Lane with Jon Stewart, Spencer Harris, Alex Byrne and Chib Chilaka.
Both players featured in Matlock's 3-1 pre-season win over Wythenshawe Town.
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