Chairman Mick Vines is delighted to have persuaded the two ex-Poachers to return to Tattershall Road.
He said: "They're young, keen and ambitious and very excited about taking on this job. They've also got a lot of experience in football and we think things will really take off under them."
Prolific striker Dunn has played for a string of clubs including St Albans, Bourne, Spalding, Stamford, Holbeach, Yaxley, Wisbech, Sleaford and Deeping.
His dad Brian played for both Boston United and Boston FC in the 1950s and 60s.
Dunn, 31, scored seven goals in 23 appearance for Boston Town in 2002-03 and returned for a single appearance in 2011.
As a player he has twice won the United Counties League title and also finished as the UCL leading goalscorer.
Central defender Hocking, 34, played more than 200 Football League games for Hull City, York City and Boston United.
He also played 48 games for Boston Town in 2009 and 2010, scoring one goal.
Dunn was player manager of Pinchbeck United last season, with Hocking as his skipper.
The pair guided the club to one of the most successful seasons in its history, winning the double of the Peterborough Premier Division championship and the Peterborough FA Senior Cup.
They narrowly missed out on a treble, losing in the final of the Lincs Junior Cup.
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