The Northern Irishman had not seen regular first team opportunities for the previous two seasons, and therefore, at 25, it was a successful loan spell for his development.
Peacock-Farrell kept 17 clean sheets for the club and endeared himself to the home crowd at times, as the Owls bulldozed their way into the promotion picture following the turn of the year.
The Burnley man took to Instagram to send a farewell message to the Wednesday supporters.
He wrote: “Great club.
“It’s a shame we didn’t achieve the target that what was planned.
“Good luck next year.
“Thanks for having me.”
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With the majority of the club’s key players having contracts beyond the end of the season, the Owls are in a strong position to go one better next term under Darren Moore.
Wednesday briefly entered the automatic promotion conversation towards the end of the season, and will be hoping to harness that momentum further heading into 2022/23.
The Owls were very busy in the 2021 summer window, but with a core of players proving they are capable of winning promotion this term, as high a turnover of players should not be necessary.
Quiz: Which club did Sheffield Wednesday sign these 24 players from in the 2000s?
Peacock-Farrell showed his quality in flashes over the course of the season and could be in line for a Championship loan move next season.
The 25-year-old would have been in the running for place in the League One Team of the Season, but there were a lot of candidates for the number one jersey this term.
Joe Wildsmith, the club’s backup glovesman, reaches the end of his contract this summer and it will be interesting to see who the Owls turn to next season.
There is a chance that Peacock-Farrell returns to the club, if a second tier loan cannot be arranged for him, with Nick Pope and Wayne Hennessey looking like a capable first team duo in the Premier League.