Forward Joel, aged 27, has signed a new, two-year contract at the club, they confirmed on Monday – and The Star can reveal younger sibling Izaac, 23, has also agreed to stay in South Yorkshire.
Sheffield head coach Mark Aston is in the process of rebuilding his squad ahead of a return to the city in 2022.
"Tubbs (Aston) has brought the best out of me in the last few years,” said the older Farrell brother, who revealed he turned down approaches from several Championship and League 1 sides to re-sign.
"With lots of people leaving I just thought I can’t just abandon him. I thought I’ll show him some loyalty.
"I spoke to a few clubs but with him (Izaac) staying as well it made it easier.”
No fewer than 13 players have left the Eagles following a ‘season from hell’, in Farrell’s words, which saw them finish one place above relegation.
He added: “It was poor, we should have done a lot better than we did.
"It was just the season from hell for everyone, I think. It was just hard to get that consistency.”
Coronavirus restrictions meant players had to practice social distancing during pre-season and were unable to socialise and bond outside of training and matches.
Jamaica international Farrell also suffered a knee injury in the first game of the season, which, after pushing through the pain barrier for two further fixtures, left him ‘unable to walk’ and out for eight weeks.
On his goals for the season ahead, he said: “I want to take on more of a leadership role in the team.
"With a load of the boys leaving there’s not many senior players left so i’m going to have to step up to the bar.
"My role is to get everyone else to play to their potential.”
That, he hopes, will help propel him into the Jamaica squad for the World Cup, which has been pushed back to 2022.
The Reggae Warriors have been drawn in the same group as New Zealand.
Farrell added: “In a way it’s been a blessing with my injuries.
"I wasn’t back to full form, now it gives me another year.”