West Midlands Police said detectives had arrested Lauren Malin and Kiri Jolliffe on Thursday and have now charged both with the killing.
Malin, 20, of Community Close, and Jolliffe, 21, of William Bree Road, both Coventry, are set to appear at Birmingham Magistrates’ Court on Friday.
Two other men, charged in August with murdering Mr Teer, are due to face trial in the new year.
Ty Blake, 18, of Shustoke Road, Shard End, and Sharn Miles, 19, of Gowan Road, Alum Rock, both Birmingham, are set to formally enter pleas at a hearing next month.
A provisional four-week trial date has already been set for January, 2020.
Detective Chief Inspector Scott Griffiths, of West Midlands Police, said the latest charges were “a significant step”.
He added the investigation was on-going and anyone with information should contact police.