Regan and Hoole have both signed one-year extensions, and Newcastle coach Gary van Egmond has big expectations for the youth products for the upcoming campaign.
Central defender Regan has been part of the Jets since he joined their National Youth League (NYL) team in 2008 from Highfields Azzurri, who play in the Northern NSW State Football League (NNSFL).
Hoole, a 19-year-old right-sided player, became a part of Newcastle's NYL team in 2011 after coming up through the ranks for NNSFL club Broadmeadow Magic and made his senior debut for the Jets last season.
"It is an important season for both of them," Van Egmond said on Friday.
"Andrew's rise has been quite rapid and he obviously has a lot of potential, but he's still finding his feet in senior football to a degree, so it's important we help him to develop in that sense.
"Taylor is looking to stamp his authority at the back and he brings enthusiasm and leadership in that department, which is very important.
"It's always good to have players from the local area coming through and playing for the Jets.
"I think that's very important for the club and shows young Novocastrians that there is an opportunity for them to come through the ranks and play for the Jets at A-League level one day."
While Regan has been with Newcastle for five years, the 187-centimetre defender is just 24 years old and has played 39 games.
The Newcastle-born defender wants to repay the club's faith in him this season.
"I love playing for the Jets and I've never wanted to leave this club," Regan said.
"Extending my contract for another year gives me that little bit of security and allows me to concentrate solely on football.
"This year I know I have to step up and be more of a leader in this squad and that's something I've been trying to do throughout the pre-season."
For Hoole, who was part of the Young Socceroos' campaign at the 2013 FIFA U-20 World Cup in Turkey, the contract extension is just another exciting experience in his fledgling career.
"To sign my first professional contract with the Jets was an honour, so to get an extension for another season is a big thrill and something I'm very pleased about," Hoole said.
