Hogg, 43, has just returned home from the Caribbean Premier League, where he played for the Antigua Hawksbills, and he was also part of Australia's World T20 squad in Bangladesh earlier in the year.
"The body is feeling great and the mind is just the same as ever; it's feeling like an 18-year-old's," Hogg said. "I'm really looking forward to getting back out in the middle and playing. I know my career is coming to an end; it's going to come to an end quicker than it will extend, we all know that. I just want to enjoy every moment and I'm just excited."
Like Hogg, Arafat was a key part of the side's BBL triumph last summer with his 12 wickets at 14.75, and Scorchers coach Justin Langer said both men were important signings for the 2014-15 campaign.
"I've said from day one that, the way I'm watching the game, is that, in Twenty20 cricket, that experience is so important," Langer said. "To be able to handle the pressure, whether you're batting, bowling, fielding, usually it's the more experienced heads that do that. To have Brad Hogg and Yasir adding that experience to our group adds great layers to our squad."