The country's top-ranked player, Ryan Fox, is also considering lining up at the Millbrook Resort near Arrowtown from 29 February but says his schedule could yet count against him.
Having played in many New Zealand Opens since the start of his career, Alker is hoping to claim the one victory he says would mean the most to him.
"The reception and support the fans gave me when I played at Millbrook last year was unreal. It was quite unexpected, and really amazing to have so much support, something I won't forget," said Alker, who finished second overall in last year's PGA Champions seniors tour points standings.
"It's the one tournament we all want to win. Of course there are the majors and the big titles internationally, but there's something special about having your name on your national title. It's one of my goals for 2024."
Hillier is coming off his first full year on the DP World Tour, where he racked up four top-ten finishes including a maiden win at the British Masters.
Fox said he was still finalising his 2024 schedule, which means his entry could not be confirmed.
"This year is my big chance in terms of attempting to retain my PGA tour card, and that could compromise my ability to play in this year's New Zealand Open," Fox said.
"Notwithstanding this, I will do all that I can to play in the New Zealand Open, as it is one of my favourite tournaments of the year."
