In this study we investigate on the possible use of a new kind of magnetic nanostructures as drug delivery systems for anticancer drugs. The starting particles are formed by an inner core of iron, coated by magnetite as a stabilizing, magnetic layer. These units are further coated by a poly(ethylenglycol) (PEG) layer to make them less prone to the attack by macrophages and to favour longer stays in the blood stream. The resulting particles consist of several magnetic cores encapsulated by a polymer layer around 5 nm thick. The crystal structure of the designed nanostructures, as determined by X-ray powder diffraction, is compatible with a crystalline magnetite component, whereas the magnetization hysteresis data indicate a superparamagnetic behavior. Both the initial susceptibility and the saturation magnetization are lower than for the bare magnetic cores, but still significant. Drug adsorption and release tests were performed on two anticancer drugs, namely 5-fluorouracil and doxorubicin. Both are found to adsorb on the particles, but only the latter appears to be released at a reasonable rate, which is found to be very slow for 5-fluorouracil.