We report the development of molecular hybrids in which a nitrate group serving as nitric oxide (NO) donor is covalently joined to σ receptor ligands to give candidates for double-targeted cancer therapy. The compounds have been evaluated in radioligand binding assay at both σ receptors and selected compounds tested for NO release. Compounds <b>9</b>, <b>15</b>, <b>18</b>, <b>19</b>, and <b>21</b> were subjected to MTT test. Compound <b>15</b> produced a significant reduction of MCF-7 and Caco-2 cellular viability with comparable IC<sub>50</sub> as doxorubicin, being also not toxic for fibroblast HFF-1 cells. Compound <b>15</b> has shown a σ<sub>1</sub> receptor antagonist/σ<sub>2</sub> receptor agonist profile. Two derivatives of compound <b>15</b> lacking the nitrate group did not induce a reduction of MCF-7 cellular viability, suggesting a potential synergistic effect between the σ receptors and the NO-mediated events. Overall, the combination of NO donor and σ receptors ligands provided compounds with beneficial effects for the treatment of cancer.