The 27-year-old, who played a major role in Lancashire's 2015 NatWest Blast triumph, will make a return to county cricket next season.
Reflecting on his signing, Faulkner expressed that he is extremely happy to rejoin Lancashire Lightning and is now looking forward to win the T20 Blast trophy back for the club.
"I'm absolutely delighted to be returning to play for Lancashire Lightning in the T20 Blast for the next two years.I absolutely loved my time with the club in 2015 and Finals Day at Edgbaston still lives very long in the memory for me," ESPNcricinfo quoted Faulkner as saying.
Faulkner further said that he is quite excited with the prospect of working with former England cricketer Glen Chappell and reuniting with the squad next summer.
"I'm very excited to come back and work with Glen Chapple and the rest of the squad who are an extremely talented and exciting group of players. Emirates Old Trafford is an amazing place to play cricket and I can't wait to reunite with the squad next summer. I'm determined to win the T20 Blast trophy back for the club," he said.
It should be noted that since winning the T20 Blast title for the first time in 2015 - when Faulkner bagged 25 wickets and smashed 302 runs - Lancashire have failed twice to cross the group stages.
Meanwhile, Faulkner has also appeared in 69 ODIs and 24 T20Is for Australia besides also being named `Man of the Match` during the 2015 World Cup final. (ANI)