diff --git a/src/components/MultipleAvatars.js b/src/components/MultipleAvatars.js
index ceb1c5371c7e..a53515d35c0f 100644
--- a/src/components/MultipleAvatars.js
+++ b/src/components/MultipleAvatars.js
@@ -71,7 +71,7 @@ const defaultProps = {
     maxAvatarsInRow: CONST.AVATAR_ROW_SIZE.DEFAULT,
 };
 
-function getContainerStyles(size) {
+function getContainerStyles(size, isInReportAction) {
     let containerStyles;
 
     switch (size) {
@@ -85,14 +85,14 @@ function getContainerStyles(size) {
             containerStyles = [styles.emptyAvatarMedium, styles.emptyAvatarMargin];
             break;
         default:
-            containerStyles = [styles.emptyAvatar, styles.emptyAvatarMargin];
+            containerStyles = [styles.emptyAvatar, isInReportAction ? styles.emptyAvatarMarginChat : styles.emptyAvatarMargin];
     }
 
     return containerStyles;
 }
 function MultipleAvatars(props) {
     const [avatarRows, setAvatarRows] = useState([props.icons]);
-    let avatarContainerStyles = getContainerStyles(props.size);
+    let avatarContainerStyles = getContainerStyles(props.size, props.isInReportAction);
     const singleAvatarStyle = props.size === CONST.AVATAR_SIZE.SMALL ? styles.singleAvatarSmall : styles.singleAvatar;
     const secondAvatarStyles = [props.size === CONST.AVATAR_SIZE.SMALL ? styles.secondAvatarSmall : styles.secondAvatar, ...props.secondAvatarStyle];
     const tooltipTexts = props.shouldShowTooltip ? _.pluck(props.icons, 'name') : [''];
diff --git a/src/pages/home/report/ReportActionItem.js b/src/pages/home/report/ReportActionItem.js
index 05e57c592b9f..f38f52af1fe5 100644
--- a/src/pages/home/report/ReportActionItem.js
+++ b/src/pages/home/report/ReportActionItem.js
@@ -103,6 +103,9 @@ const propTypes = {
     emojiReactions: EmojiReactionsPropTypes,
     personalDetailsList: PropTypes.objectOf(personalDetailsPropType),
 
+    /** IOU report for this action, if any */
+    iouReport: reportPropTypes,
+
     /** Flag to show, hide the thread divider line */
     shouldHideThreadDividerLine: PropTypes.bool,
 };
@@ -114,6 +117,7 @@ const defaultProps = {
     personalDetailsList: {},
     shouldShowSubscriptAvatar: false,
     hasOutstandingIOU: false,
+    iouReport: undefined,
     shouldHideThreadDividerLine: false,
 };
 
@@ -438,6 +442,8 @@ function ReportActionItem(props) {
                     wrapperStyles={[styles.chatItem, isWhisper ? styles.pt1 : {}]}
                     shouldShowSubscriptAvatar={props.shouldShowSubscriptAvatar}
                     report={props.report}
+                    iouReport={props.iouReport}
+                    isHovered={hovered}
                     hasBeenFlagged={!_.contains([CONST.MODERATION.MODERATOR_DECISION_APPROVED, CONST.MODERATION.MODERATOR_DECISION_PENDING], moderationDecision)}
                 >
                     {content}
@@ -593,6 +599,9 @@ export default compose(
         preferredSkinTone: {
             key: ONYXKEYS.PREFERRED_EMOJI_SKIN_TONE,
         },
+        iouReport: {
+            key: ({action}) => `${ONYXKEYS.COLLECTION.REPORT}${ReportActionsUtils.getIOUReportIDFromReportActionPreview(action)}`,
+        },
         emojiReactions: {
             key: ({action}) => `${ONYXKEYS.COLLECTION.REPORT_ACTIONS_REACTIONS}${action.reportActionID}`,
         },
diff --git a/src/pages/home/report/ReportActionItemSingle.js b/src/pages/home/report/ReportActionItemSingle.js
index 703a7d432027..8633f8f8a224 100644
--- a/src/pages/home/report/ReportActionItemSingle.js
+++ b/src/pages/home/report/ReportActionItemSingle.js
@@ -23,6 +23,9 @@ import reportPropTypes from '../../reportPropTypes';
 import * as UserUtils from '../../../libs/UserUtils';
 import PressableWithoutFeedback from '../../../components/Pressable/PressableWithoutFeedback';
 import UserDetailsTooltip from '../../../components/UserDetailsTooltip';
+import MultipleAvatars from '../../../components/MultipleAvatars';
+import * as StyleUtils from '../../../styles/StyleUtils';
+import themeColors from '../../../styles/themes/default';
 
 const propTypes = {
     /** All the data of the action */
@@ -41,6 +44,9 @@ const propTypes = {
     /** Report for this action */
     report: reportPropTypes,
 
+    /** IOU Report for this action, if any */
+    iouReport: reportPropTypes,
+
     /** Show header for action */
     showHeader: PropTypes.bool,
 
@@ -50,6 +56,9 @@ const propTypes = {
     /** If the message has been flagged for moderation */
     hasBeenFlagged: PropTypes.bool,
 
+    /** If the action is being hovered */
+    isHovered: PropTypes.bool,
+
     ...withLocalizePropTypes,
 };
 
@@ -60,6 +69,8 @@ const defaultProps = {
     shouldShowSubscriptAvatar: false,
     hasBeenFlagged: false,
     report: undefined,
+    iouReport: undefined,
+    isHovered: false,
 };
 
 const showUserDetails = (accountID) => {
@@ -91,7 +102,25 @@ function ReportActionItemSingle(props) {
         displayName = actorHint;
         avatarSource = UserUtils.getAvatar(delegateDetails.avatar, props.action.delegateAccountID);
     }
-    const icon = {source: avatarSource, type: isWorkspaceActor ? CONST.ICON_TYPE_WORKSPACE : CONST.ICON_TYPE_AVATAR, name: displayName, id: actorAccountID};
+
+    // If this is a report preview, display names and avatars of both people involved
+    let secondaryAvatar = {};
+    const displayAllActors = props.action.actionName === CONST.REPORT.ACTIONS.TYPE.REPORTPREVIEW && props.iouReport;
+    const primaryDisplayName = displayName;
+    if (displayAllActors) {
+        const secondaryUserDetails = props.personalDetailsList[props.iouReport.ownerAccountID] || {};
+        const secondaryDisplayName = lodashGet(secondaryUserDetails, 'displayName', '');
+        displayName = `${primaryDisplayName} & ${secondaryDisplayName}`;
+        secondaryAvatar = {
+            source: UserUtils.getAvatar(secondaryUserDetails.avatar, props.iouReport.ownerAccountID),
+            type: CONST.ICON_TYPE_AVATAR,
+            name: secondaryDisplayName,
+            id: props.iouReport.ownerAccountID,
+        };
+    } else if (!isWorkspaceActor) {
+        secondaryAvatar = ReportUtils.getIcons(props.report, {})[props.report.isOwnPolicyExpenseChat ? 0 : 1];
+    }
+    const icon = {source: avatarSource, type: isWorkspaceActor ? CONST.ICON_TYPE_WORKSPACE : CONST.ICON_TYPE_AVATAR, name: primaryDisplayName, id: actorAccountID};
 
     // Since the display name for a report action message is delivered with the report history as an array of fragments
     // we'll need to take the displayName from personal details and have it be in the same format for now. Eventually,
@@ -118,6 +147,49 @@ function ReportActionItemSingle(props) {
         [props.action, isWorkspaceActor, actorAccountID],
     );
 
+    const getAvatar = () => {
+        if (displayAllActors) {
+            return (
+                <MultipleAvatars
+                    icons={[icon, secondaryAvatar]}
+                    isInReportAction
+                    shouldShowTooltip
+                    secondAvatarStyle={[
+                        StyleUtils.getBackgroundAndBorderStyle(themeColors.appBG),
+                        props.isHovered ? StyleUtils.getBackgroundAndBorderStyle(themeColors.highlightBG) : undefined,
+                    ]}
+                />
+            );
+        }
+        if (props.shouldShowSubscriptAvatar) {
+            return (
+                <SubscriptAvatar
+                    mainAvatar={icon}
+                    secondaryAvatar={secondaryAvatar}
+                    mainTooltip={actorHint}
+                    secondaryTooltip={ReportUtils.getPolicyName(props.report)}
+                    noMargin
+                />
+            );
+        }
+        return (
+            <UserDetailsTooltip
+                accountID={actorAccountID}
+                delegateAccountID={props.action.delegateAccountID}
+                icon={icon}
+            >
+                <View>
+                    <Avatar
+                        containerStyles={[styles.actionAvatar]}
+                        source={icon.source}
+                        type={icon.type}
+                        name={icon.name}
+                    />
+                </View>
+            </UserDetailsTooltip>
+        );
+    };
+
     return (
         <View style={props.wrapperStyles}>
             <PressableWithoutFeedback
@@ -129,32 +201,7 @@ function ReportActionItemSingle(props) {
                 accessibilityLabel={actorHint}
                 accessibilityRole={CONST.ACCESSIBILITY_ROLE.BUTTON}
             >
-                <OfflineWithFeedback pendingAction={lodashGet(pendingFields, 'avatar', null)}>
-                    {props.shouldShowSubscriptAvatar ? (
-                        <SubscriptAvatar
-                            mainAvatar={icon}
-                            secondaryAvatar={isWorkspaceActor ? {} : ReportUtils.getIcons(props.report, {})[props.report.isOwnPolicyExpenseChat ? 0 : 1]}
-                            mainTooltip={actorHint}
-                            secondaryTooltip={ReportUtils.getPolicyName(props.report)}
-                            noMargin
-                        />
-                    ) : (
-                        <UserDetailsTooltip
-                            accountID={actorAccountID}
-                            delegateAccountID={props.action.delegateAccountID}
-                            icon={icon}
-                        >
-                            <View>
-                                <Avatar
-                                    containerStyles={[styles.actionAvatar]}
-                                    source={icon.source}
-                                    type={icon.type}
-                                    name={icon.name}
-                                />
-                            </View>
-                        </UserDetailsTooltip>
-                    )}
-                </OfflineWithFeedback>
+                <OfflineWithFeedback pendingAction={lodashGet(pendingFields, 'avatar', null)}>{getAvatar()}</OfflineWithFeedback>
             </PressableWithoutFeedback>
             <View style={[styles.chatItemRight]}>
                 {props.showHeader ? (
diff --git a/src/styles/styles.js b/src/styles/styles.js
index f7517cd3acb7..ac12ff9819da 100644
--- a/src/styles/styles.js
+++ b/src/styles/styles.js
@@ -2013,6 +2013,10 @@ const styles = {
         marginRight: variables.avatarChatSpacing,
     },
 
+    emptyAvatarMarginChat: {
+        marginRight: variables.avatarChatSpacing - 12,
+    },
+
     emptyAvatarMarginSmall: {
         marginRight: variables.avatarChatSpacing - 4,
     },