By ESPNSTAR.com staff
The news comes with the big-spending Chinese club currently sitting top of the Chinese Super League and less than 24 hours after sealing their passage through to the last 16 of the AFC Champions League following a 2-1 win over Thailand's Buriram United.
However, despite the good run of form and results, Lee had been under increased pressure in the role he assumed in March 2010.
According to reports from China, Lee was actually dismissed from the job before the team left Bangkok for their flight back to China.
The Chinese champions are yet to make an official announcement, but they will hold a press conference at 14.00 local time on Thursday where former Italy coach Lippi is expected to be confirmed as the new boss.
It has been speculated that Lippi could be paid as much as €10million per season to coach Evergrande.