The news comes as a welcome boost for the side as Jo Potter’s squad begins to take shape for next season with the team preparing for football on both domestic and European fronts.
Arnot will commit to the squad for the next two campaigns, whilst Hay will remain a Ger for the next three seasons.
The pair were influential throughout the current campaign, making over 60 appearances in total and helped the club to lift the Sky Sports Cup earlier this season in the 4-1 win over Partick Thistle at Tynecastle retaining the trophy they won last campaign.
Their consistency over the years also saw both reach 100 appearances in a Light Blue jersey and they will hope to continue to play a crucial part in the success in the coming seasons.
Speaking after putting pen to paper on a new deal, Arnot said: “I’m really pleased to extend my stay.
“I have been here a number of years and I love being part of it.
“The staff drive us on every day and Jo Potter has implemented an intensity and motivation for the group - that was one of the big reasons I wanted to stay.
“I want to kick on again and try to win as many trophies as I can here.”
Speaking after renewing her contract, Hay also commented: “It was a simple decision for me to stay with the club.
“I couldn’t think about playing for anyone else as I enjoy every single day of working here and being a Rangers player.
“I am excited to see what lies ahead for us. We have a lot to look forward to, we want to win more trophies and to play in Europe and that’s what every player wants to achieve.”
Women’s head coach, Jo Potter, added: “It is vital we keep hold of the players who have been pivotal to our success this season.
“For any club you need stability and not having to make wholesale changes every summer. But the most important thing for me is Lizzie and Brogan have the right character to play for this football club as well as the quality.
“We are delighted they have committed their future to Rangers.”
Women’s and Girls’ Managing Director, Donald Gillies, also said: “Rangers is a club which has a history of superbly talented wingers and Lizzie and Brogan are no different.
“They excite fans and get them off of their seats. Jo and myself have been delighted with their performances where they made a massive contribution to the team, and look forward to seeing them in continue their journey at Rangers.”