The Scorchers snared last year's Big Bash breakout star on a two-year deal.
Perth had been looking to bolster their spin stocks alongside what is a fearsome pace battery, and Hatzoglou's arrival means the club part ways with Fawad Ahmed after two seasons with the club.
Perth Scorchers Head Coach Adam Voges said he was thrilled to have Hatzoglou join the team for the summer ahead.
“Peter quickly became a crowd favourite in the Big Bash last year and I’m sure the Scorchers Members and fans will love watching him.
“He gives us the flexibility to bowl spin at different times throughout the innings and will combine with Ash Agar to make a strong spin duo.
“Peter is a long term option for us which means sadly we say goodbye to Fawad (Ahmed) who’s been a huge asset to our team over the past two seasons.
“On behalf of the team and the club, we want to thank Fawad for his time at the Scorchers and wish him all the best in the future.”