"The triple-option was never really my thing," he said. "I've got some Division I schools that are interested and a lot of [Football Championship Subdivision] schools."
Lee, a redshirt sophomore, was 82-for-180 (45.6 percent) for 1,561 yards and 11 touchdowns with 10 interceptions this season, his first as starter. He also was the team's third-leading rusher, with 182 carries for 513 yards and eight touchdowns.
He led the team to a 7-6 record (5-3 ACC) this season, including a 25-17 loss to Ole Miss in Monday's Franklin American Mortgage Music City Bowl.
Among the other quarterbacks currently on coach Paul Johnson's roster, only two saw playing time this season -- Justin Thomas, who was the team's second-leading passer, and Tim Byerly, who completed only one of his four attempts for 3 yards. Thomas is a freshman, while Byerly is a sophomore.
ESPN's Joe Schad contributed to this report.