Studesville spent the last three years as the team's running back coach, while Godsey has served as tight ends coach for the past two seasons.
Quarterbacks coach Charlie Frye will reportedly also "have some input in the offensive vision," per Rapoport.
The collection of coaches will replace Chan Gailey, who resigned in January after one season as the Dolphins offensive coordinator.
Inconsistency was a problem for Miami in 2020. The team had the No. 6 scoring defense in the NFL but still missed the playoffs. The offense finished 15th in points scored and 22nd in total yards, while rookie Tua Tagovailoa failed to live up to expectations after being selected No. 5 overall in April's draft.
Despite some question marks, general manager Chris Grier confirmed there won't be a quarterback competition going into 2021.
"Tua, we're very happy with. He's our starting quarterback," Grier told reporters.
The challenge for Miami will be to get the most out of the former Alabama star and help the team reach the next level.
Studesville has more than 20 years of NFL experience, mostly as a running backs coach, while Godsey has served in a variety of positions on both sides of the ball during his decade coaching in the league.
Frye brings a resume that includes time in the league as a player with 23 career starts at quarterback. He also served as offensive coordinator at Central Michigan over the past two seasons.
Head coach Brian Flores has the team trending in the right direction after a 10-6 season, but there will be a lot of pressure on the offense going forward.