The young strike duo have been allowed out on loan for the rest of the campaign in order to get regular first-team action, with Folivi, who has has notched 13 times for the U23s this season, joining National League side Boreham Wood, and Jakubiak joining Falkirk in Scotland.
Jakubiak has spent time on loan at Oxford United, Fleetwood Town and Wycombe Wanderers in previous seasons but now heads to the second tier in Scotland.
Both will stay away from Vicarage Road until the summer before returning to see if they have long-term futures with the Hornets.
Colchester will hand late fitness tests to Ryan Jackson and Brandon Comley prior to their clash with Yeovil.
Arsenal secured their place in the quarter-finals of the Europa League following their 3-1 defeat of AC Milan at the Emirates Stadium on Thursday.
Danny Welbeck scored twice against AC Milan to toast his England recall by sending Arsenal into the last eight of the Europa League.
Ipswich striker Joe Garner will not play again this season after it emerged he suffered a fractured skull against Sheffield United last week.