The singer had reportedly pulled out of the series earlier this year after an argument over his fee.
It was claimed at the time that he wanted more than Channel 5's £175,000 offer, and refused to enter the house just days before the show started.
So Solid Crew rapper MC Romeo eventually replaced Lee, making it to the final week.
With another series of Celebrity Big Brother now set to air this year, Lee is back in the frame.
The Sun report that he is being lined up for the third series of the show on Channel 5, which is set to start in August.
It was reported yesterday that [cat]Big Brother 2012[/cat] would return in June on Channel 5.