The Portugal international remains Los Blancos' biggest attacking threat, eight years after joining from Manchester United in a then-record £80m deal.
Ronaldo has won numerous individual accolades during his time at the Bernabeu, including the Ballon d'Or on four occasions, and Lloris believes that the 32-year-old has every right to be considered one of the greats.
"He is an inspiration for the new generation, a machine of success with individual trophies and collective success," the Frenchman told reporters. "He is a great leader and a great personality too.
"He has made a great impact on Real Madrid and the success of Real Madrid. To have the opportunity to play for the best club in the world gives you the opportunity to play against the best players in the world."
Ronaldo got off the mark with his first league goal of the campaign for Madrid last time out, having also hit four goals in two Champions League outings.