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Lee, who was sold for a whopping Rs 3.6 crore at the IPL auction in Mumbai on Thursday, said the Indian initiative would revolutionise cricket.
"I think it's definitely history. If we look back in 10 years time this is going to be a massive landmark in cricket I think. It's a bit like when the World Series started," Lee was quoted as saying in The Daily Telegraph.
The tearaway bowler, however, did not think that IPL would anyway affect the traditional form of the game – Test cricket.
"It's completely different from Test cricket, it's completely different from one-day cricket," Lee said.
"I've always enjoyed putting the baggy green cap on and I've loved playing one-day cricket, but since Twenty20 cricket has come in it's been pretty exciting.
"To me we take it serious and enjoy it, but it's also having a bit of fun."
Lee, who was bought by Bollywood star Preity Zinta-owned Mohali franchise, also supported the auction process of players.
"I'm pretty excited. I think it's a really different way to do it," he said.
Left-arm seamer Nathan Bracken, who was also auctioned for IPL Twenty20 contest, was also excited about the league.
"You want to know what you are worth and you don't want to know what you are worth. It's a catch-22 but I think it's a good opportunity to play some more cricket," he said.
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