The Plymouth-born centre-back moved to Anfield from Argyle before the 2011/12 season and has been a regular for the academy sides ever since.
Jones has also been named on the Liverpool bench and has been capped by Wales at Under-17 and Under-18 level.
He has spent time on loan with Cheltenham Town, Accrington Stanley and Blackpool.
Lloyd is not eligible to play for Town against Coventry City this afternoon.