Membrey will play a third season with the Magpies after kicking 65 goals in 43 games since joining them at the end of 2024.
There was a real possibility the 32-year-old's final act as an AFL player was missing a goal after-the-siren in Collingwood's wildcard loss against the Western Bulldogs.
But with 817 games of experience leaving with the retirement of Steele Sidebottom and Scott Pendlebury's move to Gold Coast, Collingwood have kept Membrey.
"Tim has become an important part of our group since joining the club," Collingwood list boss Justin Leppitsch said.
"He's continued to give us a reliable presence in our forward line.
"With more than a decade of AFL experience Tim brings invaluable football knowledge to our group."
With fellow veteran Jamie Elliott likely sidelined until the middle of next season due to a knee injury, the Magpies have prioritised their forward line.
A Coleman medallist only two years ago, Hogan looms as an option to join the Magpies for what would be his fourth club.
Hogan has already left GWS after kicking 239 goals in 100 games for the Giants.
The 31-year-old previously played for Melbourne and Fremantle.
Collingwood are expected to be highly active during the trade period, with Brisbane Lions champion Lachie Neale the priority.
Once the Lions' finals campaign is over, Neale will officially confirm he is seeking a move to the Magpies after an extraordinary two-premiership, two-Brownlow Medal career at the Gabba.
The 33-year-old has been offered a lucrative three-season deal to play at Collingwood, after 183 games with Brisbane.
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