The coup would have ended in the assassination of Milo Djukanovic, the Montenegrin prime minister at the time, the newspaper said.
The photos allegedly show two officers of Russia’s GRU military spy service, Eduard Shishmakov and Vladimir Popov, meeting Serbian nationalist Sasa Sindjelic in a Belgrade park.
Sindjelic was allegedly hired to orchestrate the coup in Montenegro during the October 16 elections.
Shishmakov and Popov are to stand trial starting on September 6, alongside 13 others, for their part in the alleged plot to attack Montenegro’s parliament and Djukanovic in order to prevent the country joining NATO.
According to the Telegraph, the photographs are believed to have been taken in the Serbian capital around the time of the foiled coup.
The opposition in Montenegro and some anti-government media outlets continue to claim that the coup was staged by the authorities to ensure Djukanovic won another election.
Russia strongly objected to Montenegro joining NATO, and threatened unspecified retaliation after the country became a member of the Western military alliance in June.