Hanrahan, who made $1.4 million last year, was due for a sizable raise after coming off a season in which he made the National League All-Star team and saved a career-high 40 games. He struck out 61 batters in 68 2/3 innings and posted a 1.83 ERA.
Morton went 10-10 with a 3.83 ERA in 29 starts last year. He underwent hip surgery in October to repair a torn labrum, but is expected to be ready for Opening Day.
The signing of Hanrahan and Morton leaves Garrett Jones, Jeff Karstens, Evan Meek and Casey McGehee as the arbitration-eligible Pirates who have not yet agreed on contract details.
Arbitration-eligible players and teams are currently in the middle of an 11-day period during which each side formally submits desired salary figures. All of this leads up to Wednesday, the day that players and clubs will publicly exchange those numbers.
Since Neal Huntington took over as Pirates general manager in 2007, the club has almost always avoided extending this process out to an actual arbitration hearing. The one exception was last year, when Ross Ohlendorf was awarded a $2.025 million salary by winning his hearing.
Brian McTaggart is reporter for MLB.com and writes an MLBlog, Tag's Lines. Follow @brianmctaggart on Twitter. Jenifer Langosch contributed reporting. This story was not subject to the approval of Major League Baseball or its clubs.