St George Illawarra, where Bennett won a premiership in 2010, were seen as early favourites and Gold Coast were mentioned as another destination following their announcement last week of a complete review of the club's football department.
Bennett said a return to the Broncos, with whom he won six premierships between 1988 and 2008, had only become reality following recent developments.
"As I was deciding on my future, the Brisbane Broncos weren't in the equation until the board recently contacted me," he said.
"I never thought I would be presented with the opportunity to return home and I appreciate the confidence the board and owners have shown in me.
"I look forward to a successful relationship with CEO Paul White and continuing to grow and strengthen the Broncos' brand when I join the club for season 2015."
Ex-Broncos forward Shane Webcke, a long-time supporter of Bennett's, said the club had made the right call to dump current boss Anthony Griffin.
Although Brisbane remain in the hunt for a finals berth, Webcke says it would have been folly for the club to delay a decision on Griffin's future and miss out on Bennett.
"It's a rock and a hard place for the Broncos because there's been plenty of criticism of our performance, and rightly so, over the last three years," Webcke told Triple M Brisbane's Grill Team.
"You've got to remember the last three years, in order, have been declining ... if that hadn't happened we probably aren't even having this conversation.
"It has to be done now because otherwise (Bennett) goes somewhere else.
"If we go into decline for the rest of the season and we've missed the opportunity to sign Wayne Bennett, imagine what our supporters and corporates would do to us."
Webcke added Griffin had done enough during his time in charge of the Broncos to suggest he'll find himself in a coach's position elsewhere with little concern.
"Hook will go on to be a good coach somewhere else, there's no two ways about that," he said.
- AAP
