The 21-year-old becomes Bolton's fifth summer signing and could now go straight into the squad for Saturday's home game against Sunderland.
Gary Megson is delighted to secure Lee's services and hopes he will have a successful spell at the Reebok Stadium.
"Lee is another good addition to our squad," Megson told the club's official website.
"He has got pace and ability, and it is great that we have finally been able to get him.
"It is going to be a big challenge for him because he is coming to a new country and a new culture and he will be facing the demands of the Premier League.
"It will take time for him to settle but we will be making sure that he is fully supported as he makes that transition."