Lloyd, 34, a two-time Olympic gold medallist and the 2016 FIFA Player of the Year , joined WSL champions Manchester City Ladies last week on a short-term deal from Houston Dash which will see her stay until the end of the Spring Series in May.
Stoney, who joined Liverpool in December after leaving Arsenal, believes that Lloyd joining the Sky Blues shows how much the reputation of the WSL has grown.
She said: "I think it is huge for the WSL.
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"To see players like her sign it shows just how far the WSL has come.
"I think there will be more, but for her to sign it is huge. It is massive for Man City and it is huge for players like me who get to play against her - they are the players you want to play against.
"I absolutely cannot wait to play against her.
"You want to play against the best players in the world, if you play against the best then you know what level you are at.
"If you look at the players that have joined the league from abroad it shows the direction that league is going in."
While one great in Lloyd has arrived, though, another has hung up her boots. Kelly Smith, England women's record goalscorer and the winner of five FA Cups with Arsenal, announced her retirement in January. Stoney says she feels privileged to have had the chance to play alongside her.
She said: "Kelly helped put football on the map, she was the best player I ever played with or against.
"She had a career that most of us can only dream of. People tuned in to watch her play.
"I felt honoured to have played with her.
"As soon as she came onto the pitch, if she came on as a substitute, you could guarantee she would change the game at some point.
"She had so much ability, I was just glad I was on her team not against her."
Liverpool Ladies have introduced the WSL sister club programme, offering local teams exclusive access to the club, and last week announced that Crosby Stuart JFC would be their first sister club.
Stoney has helped launch the 2017 McDonald's Community Awards and she believes that supporting the game at the grassroots is crucial for the future of women's football.
She said: "Partnerships are massive. You need them in football and you need grassroots and big club links because you need to give kids aspirations and you need to give them value and identity.
"It is really important. We all started off with a dream and you need opportunities to be able to get there.
"I think grassroots football is the pinnacle to everything we do, it is where all footballers start.
"There are so many volunteers out there. Whether it is mums, dads, somebody who had a child 20 years ago that is still involved in the club - they are the ones that go out there and make it a safe environment for kids to play.
"I love football and without the grassroots football, the coaches and volunteers that helped me, I would not be where I am now.
"It is important they get recognised. I want to find someone who goes above and beyond. They dedicate their spare time."
:: Casey Stoney volunteered for the day at grassroots football club Wandgas FC to help launch the 2017 McDonald's Community Awards. Nominate any deserving grassroots heroes at www.mcdonalds.co.uk/awards
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