Michaella Connolly, from Ireland, and Melissa Reid, both 20, were arrested last August in Lima international airport as they were trying to leave for Spain.
The pair pleaded guilty in September to attempting to smuggle just over 11 kilos (24 pounds) of cocaine out of Peru.
The young women had initially denied guilt, claiming they had been coerced into smuggling by a shady international cartel after being kidnapped.
But they later changed their story stating they "knew they were going to transport drugs, and that they regret having participated in such an act," according to a previous court press release.