Lee, who was put on the transfer list by Paul Sturrock at the end of the year is having personal talks with Rovers boss Dave Penny after their chairman John Ryan agreed a fee of £50,000 with The Owls.
Middlesbrough lad Lee played over 70 times for Wednesday and scored seven goals for Wednesday and Rovers hope he will be all signed up to play against Chesterfield on Saturday.
Lee's injury problems have forced him in and out of the side at Hillsborough but he was a popular player at S6 and the club are losing a very capable defender from their squad.
Reet's move comes as a surprise though: the 18-year-old was recently recalled from a loan spell at Bury after scoring four goals in six games.
Former Owl Peter Shirtliff, current boss at Mansfield will welcome the player to Nottinghamshire after a £25,000 fee was agreed with an additional sell-on clause.
Many Wednesday fans definitely had Reet down as one for the future because of his credentials at Gigg Lane and in the Owls' reserve team.