Sheard is familiar with Lions GM Bob Quinn and HC Matt Patricia from their shared time with the Patriots, so a deal could come together soon.
Sheard, 31, is a former second-round pick of the Browns back in 2011. He spent four years in Cleveland before signing on with the Patriots in 2015 on a two-year deal.
Sheard played out his deal and entered unrestricted free agency again, signing a three-year, $25.5 million deal with the Colts in 2017.
In 2019, Sheard appeared in 13 games for the Colts and recorded 25 total tackles, 4.5 sacks, and two pass defenses.