Collins — who played in LBU's 2011 premiership side — returns to the side after an eight year stint at Eaglehawk in the Bendigo Football League.
The stint included being a member of the 2018 premiership side.
Collins said he was proud to return to his club.
"I'm actually really excited about it," he said.
"It's a great footy club that I really love, and the time was right for me to go home and be a part of it again.
"I've been playing some high level cut throat football in Bendigo for a few years, and I think it has helped to make me into a better footballer and helped my understanding of the game, and I hope to be able to bring that experience to the club."
Collins return to live in the community was also a key factor.
"It's great for me to be back in the community," he said.
"Now I'm living ten minutes from the club, so much of the playing group is around me that it made the decision a lot easier. I get to really immerse myself back into the club that I love, and I think that's going to be a very special thing."
LBU had a strong season in 2019, finishing second on the ladder, before being eliminated in straight sets.
Collins said he hopes to help the club go even further this season.
"There's no doubt the season is a great challenge," he said.
"We weren't too far away from where we wanted to be this year. Not too much has to change, we just need to tweak a few things to get it going, but we will come back this season a lot hungrier and ready to go the next step."