Terms of the deal were not disclosed.
Lee, who participated in the Bucs' three-day mini-camp in the first weekend of May, accepted a one-year deal tendered to him by the team in early-March.
The 6-foot-2, 210-pound Lee played collegiately at Central Florida and entered the National Football League as a 2000 seventh-round draft pick of the Green Bay Packers.
The Packers waived Lee on Sept. 1 last year and the Bucs picked him up a month later. Lee spent the rest of the season on the team's 53-man roster, but was inactive for all but one game.
Lee has a nice combination of size and speed, and he also has experience as a punt returner.
In addition to Lee's return, the Bucs also had free-agent WR Chris Taylor in for a workout on Thursday afternoon, but the team did not offer him a contract.
The New York Giants released Taylor in late-April. At Texas A&M, Taylor hauled in 83 receptions for 1,316 yards and he scored seven touchdowns.