The 21-year-old forward is in the final season of a three-year, entry-level contract he signed March 25, 2019. He could have become a restricted free agent after the season.
"Just to get this before the season, I was really happy," Farabee said. "I think I came off a pretty good year last year, so definitely wanted to get things rolling and I'm glad both sides came to an agreement and I'm really excited to be in Philly for the next seven years after my last year on my ELC."
Farabee led the Flyers with 20 goals in 55 games last season, and his 38 points were fifth. He said he was impressed by Philadelphia's confidence in him and wants to live up to his end of the contract.
"When I got drafted here there was some different management," he said. "But since [general manager] Chuck [Fletcher] and [assistant GM] Brent [Flahr] have come in I think everything's been so smooth, they've been so good to me. So for them to believe in me I think is really awesome and I'm happy to get it done and I'm really excited to prove I can get better.
"For sure I'm happy it's done and hopefully everything works out and I can stay in Philly my whole career. I think that's definitely something that I would want to do."
Selected by the Flyers with the No. 14 pick in the 2018 NHL Draft, Farabee has scored 59 points (28 goals, 31 assists) in 107 regular-season games, and five points (three goals, two assists) in 12 Stanley Cup Playoff games.
"We consider Joel to be a key piece of our core moving forward and we're very happy to have him signed to a long-term extension," Fletcher said. "In a short amount of time, Joel has proven to be one of the brightest young talents in the NHL. His hockey IQ, skill set and passion for the game have all contributed to his early success and we feel that there's tremendous upside to his game yet. He plays a 200-foot game and has earned the trust and respect of his coaches, management and all of his teammates."
Farabee is the latest player to re-sign with Philadelphia. The Flyers signed defenseman Travis Sanheim to a two-year contract Aug. 21 and center Sean Couturier signed an eight-year contract extension Aug. 26. They also acquired defensemen Ryan Ellis and Rasmus Ristolainen and forward Cam Atkinson in offseason trades after finishing sixth in the MassMutual East Division last season and failing to qualify for the Stanley Cup Playoffs.
"Just locking in some big names like 'Sanny,' [Sanheim], 'Coots' [Couturier], a couple other guys," Farabee said when asked if Philadelphia's moves impacted his decision. "I think it just really shows the core we're going to have going forward.
"We have some great leaders on this team with 'G' [Claude Giroux], Coots, and we've got some older guys coming in this year. I'm really excited to see what this team is going to be like this year. On paper we look really good, but at the end of the day we've got to perform and we've got to have a much better year than we did last year."
NHL.com deputy managing editor Adam Kimelman contributed to this report
