Bournemouth did not disclose the financial terms of the deal but British media reports said the transfer fee was in the region of 3 million pounds.
"Lee is a player who we are excited about and will get fans off their seats," Bournemouth Chief Executive Neill Blake told the club's website.
"We believe he is ready to make the step up and look forward to seeing him play in the Premier League."
Bournemouth boss Eddie Howe signed Ivory Coast international Max Gradel on a four-year deal on Tuesday.
(Reporting By Simon Jennings in Bengaluru; editing by Sudipto Ganguly)
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