Lloyd is a product of the Cardiff pathway before becoming Bristol Bears' youngest ever player when he made his Gallagher Premiership debut as an 18-year-old, capping the occasion with a try.
He made 78 appearances for the English side before joining Scarlets in 2023 - where he has scored 221 points in 38 appearances so far.
"It is an ambition of ours to get as many Cardiff lads in our squad as possible," said Sherratt.
"Ioan, having played Dewar Shield with the likes of Teddy Williams, was at the top of that list of Cardiff lads that we wanted to bring home to the Arms Park.
"I was a big admirer of Ioan while he was at Bristol as he approaches the game with a really positive attitude and is the type of player that gets fans off their seats.
"He has now got a good amount of experience under his belt as a 10 in the URC (United Rugby Championship) and will be a key member of our squad and how we play over the next few years."
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