1. A motion estimation engine for processing a video sequence, the motion estimation engine comprising: a reference search buffer configured to store reference data segments for a first set of reference images of the video sequence in a first mode of the motion estimation engine and store a second set of reference images of the video sequence in a second mode of the motion estimation engine; and a search module coupled to the reference search buffer and configured to compare target data segments in a target image of the video sequence with reference data segments of the first set of reference images in the first mode to generate a first predictor for performing deinterlacing of the video sequence, the search module further configured to compare the target data segments with reference data segments of the second set of reference images in the second mode to generate a second predictor for performing field noise reduction of the video sequence, wherein the first set of reference images comprises an interlaced field preceding the target image in the video sequence and a deinterlaced field preceding the target image in the video sequence, and the second set of reference images comprises a first interlaced field preceding the target image in the video sequence and a second interlaced field preceding the first interlaced field in the video sequence.