Tigers Chairman Adam Pearson said: "We are in discussions with Brighton regarding a proposed deal involving David Lee.
"At the minute everything is still at a preliminary stage and soon as there is any news we will let the supporters know."
Seagulls defender Matthew Wicks is expected to move in the opposite direction. The 23-year-old former Arsenal apprentice has played only twice in the league this season after signing from Peterborough in 2000.
The two players have agreed terms and will undergo fitness tests in order for the deal to go ahead before Friday afternoon so they can make their debuts for their new clubs on Saturday, according to Brighton.
However, Adam Pearson says that the deal won't go through until Monday with things not quite finalised yet.