Pyrgos has captained Glasgow Warriors and Scotland on a number of occasions. The 27-year-old scrum-half led his country in the recent 21-16 win over Japan in Tokyo and against Ireland and USA last year.
Speaking to Warriors TV, the Scotland internationals said they were both honoured to have been asked to lead the side for the upcoming campaign.
Jonny Gray said: "It's a massive honour to have been named co-captain. Glasgow is a club I love and it's where I'm from.
"We have a number of leaders throughout the squad and guys who have captained before, but it's great to have Henry there with his experience and his knowledge of the game.
"He's captained Scotland and is a great guy, so it's an honour to share the captaincy with him."
Henry Pyrgos said: "I care a lot about this club and it's an exciting thing for us to be co-captains. I think it'll be an added bonus for the team, to help us get to where we want to go.
"It's going to be slightly different to what I've done before, but we get on really well.
"It's great that I'm captaining with Jonny and there are a lot of other senior guys in the squad who drive standards and lead by example."
Speaking to glasgowwarriors.org, head coach Gregor Townsend added: "We were really impressed with Jonny's development as team captain last season and we believe having co-captains will make us even stronger this year.
"It's great that we have a number of leaders throughout our squad and both captains will have a lot of support.
"The complimentary strengths of Jonny and Henry should enable us to get closer to reaching our potential."
