The New England Patriots have reached an agreement with free agent wide receiver Brandon Lloyd on a three-year, $12 million contract, a league source told ESPN NFL Insider Adam Schefter.

"I'm ready for work," Lloyd told CSN New England on Saturday night. "The time for talking is done. I couldn't be more excited."

Lloyd was traded by Denver to St. Louis last season after the Broncos made the switch to Tim Tebow at quarterback. In 11 games with the Rams after the trade, Lloyd caught 51 passes for 683 yards and five touchdowns.

In 2010, Lloyd led the league with 1,448 yards receiving, when he caught 77 passes, 11 of them for touchdowns.

Josh McDaniels, the Patriots' offensive coordinator, was Lloyd's head coach in Denver.

The 30-year-old receiver has played for five teams in his nine-season career. The 49ers originally selected him in the fourth round of the 2003 draft.

Lloyd is the second receiver signed by New England on Saturday, after former Colts wideout Anthony Gonzalez. The Patriots also agreed to a deal with former Raiders defensive end Trevor Scott, a league source told Schefter.

Information from The Associated Press was used in this report.