The 23-year-old will play out this season with Brisbane but will join the Dolphins next year where he is signed until the end of the 2026 season.
Bennett has a long association with Farnworth and his uncle Brian Foley, the former Wigan Warriors development coach and recruiter who brought his nephew to Australia to chase his NRL dream when he was a 17-year-old.
Bennett told AAP he is "delighted" to have Farnworth on board.
"We are very pleased to sign Herbie," Bennett said.
"There are lots of things I like about him. I watched him closely at the World Cup and he is a very talented player who can play fullback, centre or wing.
"His uncle Brian brought him over to Australia. He became part of our squads at the Broncos at the time and trained with us.
"I always knew he was always going to be a football player, and a really good one."
The Dolphins were keen on Farnworth last year but he elected to sign a one-year extension with Brisbane for the 2023 season.
"Last year he thought he needed a bit more time to sort himself out about whether he was going to change clubs or stay at the Broncos," Bennett said
"He's come back to us twelve months later and I am elated. He knew me and I knew him. I think he felt the Dolphins were a good club to come to.
"We are only twelve months old but there is a lot of stability at the joint."
The Dolphins have missed out on some of their key targets but they have hit the bullseye with Farnworth.
"We've had some losses, but we've also had some wins," Bennett said.
Farnworth is definitely one of those wins. He starred for England at last year's World Cup after enjoying a breakout season for the Broncos which was cut short by a biceps injury.
Dolphins CEO Terry Reader said Farnworth's signature was a huge coup.
"We made a big play to get him for 2023 and just missed out, so to now secure him on a long-term deal is a huge win for our club," Reader said.
"Herbie showed what a great player he can be in the NRL for the Broncos last year before injury hampered him.
"To see him bounce back from that biceps injury at the end of last year and demonstrate what a world-class performer he is was amazing."
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