The north Londoners beat Chelsea to the signing of the Spain international during the latter stages of the transfer window, bolstering a front line which has become reliant on the goalscoring prowess of Harry Kane.
Llorente will act as cover for Kane and Lloris believes the extra strength in depth the 32-year-old brings will aid Spurs' quest to make it beyond the group stages of the Champions League.
"Fernando Llorente and the other new players are going to bring a new edge to the squad, and this is what we needed. It's like a second wind," he told ESPN.
"Obviously it's never easy in July and August when you start competing and the market is still open. Now everything is perfect. We're thinking now about the Champions League."
Tottenham have been placed in a tricky group alongside Borussia Dortmund, Real Madrid and APOEL but Lloris says the players are determined to end recent frustrations regarding Europe, having failed to make it beyond the group stages last season.
"We failed together [last season] and we're going to reach another level together," he added. "We have a tough group but it's really exciting for everyone to face Dortmund and Real Madrid.
"They belong to the best in Europe - Madrid is the best team over the last two years. It's fantastic but it's important to start well at Wembley against Dortmund."