Officers were called at 11am on Monday, October 13, to Southwood Road after a blue Ford Focus and a red Suzuki Swift collided.
The driver of the Suzuki, 88-year-old Brian Hill from Farnborough, was seriously injured and taken to hospital, where he died on October 23.
A 19-year-old man from Yateley was arrested on suspicion of causing serious injury by dangerous driving, driving without a licence, failing to stop, and driving without insurance.
A 20-year-old man from Farnborough was arrested on suspicion of causing serious injury by dangerous driving.
Both men have been bailed until January 14 while enquiries continue.
Police are urging anyone who witnessed the collision, or who has dash cam or CCTV footage from Southwood Road on October 13, to come forward.
Information can be given by calling 101, quoting reference 44250463588.
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