Lee, a first-team all-Big East receiver, is weighing whether to pass up his senior season and turn pro, even though he wouldn't likely be an early round draft pick.
Jennings, who began last season as a starter but was in and out of that role all season, wants to be close to his ill father in Virginia. He is weighing whether to transfer to a school there - Virginia, Virginia Tech, Liberty or James Madison.
Jennings' father, Albert, recently lost a leg to diabetes and may lose his other leg, and Jennings said he needs to be at home to help his mother take care of his father. He also could chose to attend a community college next semester, then re-enroll at Pitt next summer.
Pitt assistant athletic director E.J. Borghetti said Wednesday that the school would have no comment on the players' situation until sometime after Jan. 1, or shortly before the second semester begins.
Lee caught 49 passes for 962 yards and seven touchdowns this year, down from his sophomore season totals of 68 catches for 1,297 yards and 10 touchdowns in former coach Walt Harris' offense.
Jennings, a 235-pound running back, ran for 411 yards on 86 carries for a 4.8-yards-per-carry average and one touchdown in eight games.
The departure of either Lee or Jennings would be a major setback for coach Dave Wannstedt, whose first Pitt team began the season ranked No. 23 but stumbled to a 5-6 record that included one-sided losses to Notre Dame, Louisville and West Virginia. The losing season was Pitt's first since 1999, also the last season in which the Panthers did not go to a bowl game.