Memphis sent guard Jerryd Bayless and a '17 conditional second-round pick to the Thunder as part of the deal. Oklahoma City also shipped forward Ryan Gomes to Boston.
The addition of Lee can help a Memphis lineup that has struggled with outside shooting, ranking 18th in the league at .349 percent.
Lee, a 6-foot-5, 200-pound guard, has played for the Magic, Nets, Rockets and Celtics. He has averaged 9.4 points, 2.6 rebounds and 1.5 assists on .446 shooting (.387 from on three-pointers) in 25.9 minutes over 174 games.
The 28-year-old had 7.4 points, 1.6 rebounds and 1.1 assists in 16.8 minutes over 30 games for the Celtics. He'll add some
The six-year veteran was drafted by the Magic with the No. 22 pick in the 2008 draft out of Western Kentucky.