The 18-year-old has put pen to paper on the deal offered to him by manager Simon Grayson earlier this summer.
Grayson told the club's official website: "Lloyd has done well when he's trained with the first team and we think he has a good future in front of him. We're delighted that he's signed, but the hard work starts again for him now."
Grayson added: "We'll see how he goes and the intention is to play him in development games that we'll have organised, but there's nothing better than senior league football for these lads - they learn quickly as the games mean something.
"Lloyd's loan at Ilkeston last season was great for him and we might look to do the same again, just as we might do for one or two of the other younger players here."