Lloyd was signed on Tuesday after a brief audition that his agent Frank Murtha says "went well."
The Panthers then waived Todd Carter after reaching an injury settlement.
Carter's lone kickoff in Sunday's loss to the New York Giants landed at the 10-yard line before he was sidelined with back spasms.
Lloyd led the NFL in touchbacks with 30 in 2008 for Carolina. He had 21 last year, tied for fourth-most in the league, but the Panthers decided not to re-sign him.
Lloyd signed with Minnesota, but was released in final cuts.
The Panthers were seeking a kickoff specialist to lessen the load for aging placekicker John Kasay.