Silicon photonic platforms are of significant interest for a variety of applications that operate in the mid-infrared regime. However, the realization of efficient mid-IR modulators, key components in any integrated optics platform, is still a challenging topic. Here, an ultra-compact high-speed hybrid Si/VO2 modulator operating at a mid-IR wavelength of 3.8 μm is presented. Electrical properties of graphene are employed to achieve a reversible insulating-metal phase transition in VO2 by electrical actuation. The thermal characteristics of graphene are employed to improve the response time of the VO2 phase transition through speed up heating and dissipation processes, thus enhancing the modulation speed. Optical and thermal simulations show an extinction ratio of 4.4 dB/μm, an insertion loss of 0.1 dB/μm, and high modulation speed of 23 ns. A larger modulation depth as high as 10 dB/μm can be achieved at the cost of lower modulation speed.