Speaking to the EADT, Lisbie said: "We were relegated when I was last at Colchester, which wasn't good but now I have a chance to get them back up. I can't wait to play in front of Colchester fans again and people that appreciate me.
"I'm comfortable going back to Colchester. That was the first thing that came into my head when I heard they were interested. The year I had with Colchester was probably better than anywhere else."
Lisbie is the fifth striker to leave Portman Road over the summer, with Danny Haynes having left for Bristol, Jordan Rhodes for Huddersfield and Billy Clarke and Dean Bowditch released. In addition Pablo Counago turned down a move to Swansea last month.
Town Boss Roy Keane has gone on record as saying he hopes to bring at least one more forward into the club, with only Counago, Jon Stead, Jon Walters and young Conor Wickham remaining among the blues striking ranks.