Both players were cut down by serious knee injuries last February that required reconstructions, although Krakouer wrote another chapter into his book of comebacks by returning to the senior side for the last four games of 2012, booting four goals in the Magpies' qualifying final loss to Hawthorn.
Macaffer, 24, a member of Collingwood's 2010 premiership side, has been cruelled by injuries ever since that day in October, playing just four matches over the last two seasons.
But the pair are both in full training for the upcoming year and should be fully fit for another NAB Cup campaign early next February.
"We're looking for good pre-seasons and solid seasons from both players, who did so well to overcome their injuries this year," Collingwood director of football Geoff Walsh said on the Magpies' website.
"They play similar positions but they're different sorts of players and we know they can add something to the mix."
For former Tiger Krakouer, it will be the 29-year-old's third season at Collingwood after he was recruited to the club following a stint in jail for a serious assault in Fremantle.Having served his time, Krakouer worked his way back up to the AFL by playing a starring role in Swan Districts 2010 WAFL Premiership victory, winning the Sandover Medal during the same season.