Sure.
1. Place the image on a layer above the background image. Change it's blend mode to 'Source atop'
2. Add the magnifier in the layer but above the image mentioned in Step 1 then set the layer setting 'Force own texture' to Yes
3. Add one more layer above the layer mentioned in Step 1 and 2, and set the another magnifier to overlap the magnifier mentioned in Step 2 and pin to it. Make sure the second magnifier has a hole in its glass