Jimmy Jeggo, Jamie MacLaren, Aaron Mooy, Andrew Nabbout and Mat Ryan all come in, while Daniel Arzani, Denis Genreau, Aposolos Giannou, Kenneth Dougall and Brad Jones are all not included.
Four players, Craig Goodwin, Thomas Deng, Rhyan Grant and Dimmi Petratos have been included as part of the 'train-on' squad.
Meanwhile, Tim Cahill will be included in the squad to face Lebanon on November 20.
Arnold looks set to unleash a new-look attack in this month's friendly with South Korea, with Maclaren and Martin Boyle bound for Brisbane as part of a 23-man squad announced on Thursday.
The pair, both based at Scottish club Hibernian along with veteran Mark Milligan, are two eye-catching inclusions for the Asian Cup final rematch on November 17.
Maclaren has long been touted as a national team striker after impressive A-League campaigns and should get his chance having recovered from a back injury.
By contrast, Boyle - a youth international for Scotland - is poised to win a maiden Socceroos cap on his first visit to Australia, having been lured to represent the green and gold by Arnold.
Japan-based forward Nabbout will also return to the fold after the breakout striker suffered a shoulder dislocation at the World Cup.
Several players have dropped out of the reckoning from Australia's most recent friendly, a 4-0 defeat of Kuwait last month.
Jones, Genreau and Giannou have missed call-ups; Arzani is out with a season-ending knee injury, while Dougall is unlikely to make January's Asian Cup after a serious ankle issue.
Jeggo fills the midfield vacancy left by Dougall, earning the chance to make a Socceroos debut after being named for several squads under Ange Postecoglou without seeing game time.
Stars Ryan and Mooy also return to the fold after missing the Kuwait win with minor injuries.
There's one other significant inclusion - Tim Cahill - who will win his 108th and final cap as a substitute in Australia's second friendly match of the international window, against Lebanon at Homebush on November 20.
Arnold has left the door open to re-jig his squad for Sydney, inviting four A-League based players to train with his squad and push their case for inclusion.
They are red-hot Adelaide forward Craig Goodwin, Melbourne Victory defender Thomas Deng, World Cup forward Dimi Petratos and in-form Sydney midfielder Rhyan Grant.
The uncapped Grant is the first Sydney FC player that Arnold has called up after steering the Sky Blues to two premierships and one title as coach.
"With limited opportunities and matches to prepare for next year's AFC Asian Cup it is important that we make the most of every day that we have together," Arnold said.
"By calling in additional train-on players from Hyundai A-League clubs this will ensure that more players are exposed to our style and standards as we edge towards the tournament."
The two friendlies are likely to be Australia's last matches prior to the Asian Cup, which kicks off on January 5 in the United Arab Emirates.
AUSTRALIA SQUAD FOR FRIENDLY AGAINST SOUTH KOREA
Goalkeepers: Mitchell Langerak, Mathew Ryan, Danny Vukovic.
Defenders: Aziz Behich, Milos Degenek, Alex Gersbach, Matthew Jurman, Mark Milligan, Josh Risdon, Trent Sainsbury.
Midfielders: Mustafa Amini, Jackson Irvine, Jimmy Jeggo, Massimo Luongo, Aaron Mooy, Tom Rogic.
Forwards: Martin Boyle, Tomi Juric, Robbie Kruse, Mathew Leckie, Awer Mabil, Jamie Maclaren, Andrew Nabbout.
Train-on players: Thomas Deng, Rhyan Grant, Craig Goodwin, Dimi Petratos.
