The team reported on its website Tuesday that it also would send a sixth-round pick in next year's draft to the Ravens while getting a seventh-round pick in return.
McClain was the eighth overall pick by Oakland in 2010, but off-the-field issues, including multiple arrests, shortened his career. He has been retired and hasn't played since 2012.
McClain, who turns 25 this month, has 173 tackles and 6 1/2 sacks in 41 career games over three seasons.
Lee tore the anterior cruciate ligament in his left knee in the first offseason practice.
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