The Carolina Panthers and Cleveland Browns swapped punters.
The team later confirmed the deal.
In return for Lee and a Browns 2017 seventh-round pick, the Panthers shipped a 2018 fourth-round selection and 2014 undrafted punter Kasey Redfern to Cleveland.
Panthers punter Mike Scifres exited Friday's preseason tilt with the New England Patriots with a knee injury after taking a shot to the leg.
Lee, 34, is a three-time Pro Bowl punter. He spent his first 11 seasons with the San Francisco 49ers before being sent to Cleveland last season. Lee ranks sixth in NFL history with a 46.2 gross punting average. Last season Lee set a single-season Browns record with a 46.7-yard gross average.
In Friday's Browns tilt with the Tampa Bay Buccaneers, Lee took some grief from Cleveland coach Hue Jackson for a lackadaisical effort in chasing down a punt return that went for a 73-yard touchdown.
After Scifres' injury, the punting situation for the NFC Champion Panthers looked like a weak spot. Monday they plugged that hole with a proven veteran.