John Elway, the Broncos' executive vice president of football operations, later confirmed on Twitter that the trade had been agreed upon, saying the team would receive a conditional pick in the 2012 NFL Draft for Lloyd.
It was widely reported last week the Broncos were open to dealing Lloyd and that they shopped the receiver ahead of Tuesday's trade deadline. The Rams, San Francisco 49ers and New England Patriots all were known to be in discussions with the Broncos, sources told The Denver Post.
Lloyd, 30, is scheduled to make $1.395 million this season. He led the NFL last season with 1,448 yards on 77 receptions and scored 11 touchdowns.
Lloyd has 19 catches for 283 yards and no touchdowns this season.
The Associated Press contributed to this report