The pair will share captaincy duties for the Sea Eagles, who kick off their campaign against Wests Tigers on March 15.
For King, who played for nearby junior club Belrose before joing Manly, said it is an honour to lead the club.
He said:“I grew up across the road from Brookvale Oval and Manly were the team I idolised in the nineties.
“I feel honoured and it’s a great club to be involved with.”
Lyon meanwhile, says he is looking forward to leading the team out this season, and admits he is “a bit sick” of pre-season training.
He said: “We’re all getting a bit sick of training and really looking forward to starting as soon as possible.
“It’s been good to shake a few of the cobwebs out.”
King rates Kiwi youngster Kieran Foran as one to watch in 2010.
“[Kieran’s] had a massive pre-season and has been leading us around the park at training,” he added.