The striker’s current contract with West Ham runs out in June 2016, and it seems that he will not get a new deal.
The 21-year-old came through the Hammers’ youth ranks, but he struggled to make an impact in the first team.
Lee was sent out on loan to Colchester United in the January transfer window for the second half of the season.
The youngster managed to score just two goals in 21 matches for Colchester, who were relegated from League One and will play in League Two next season.
West Ham have a strong team and are moving to the Olympic Stadium, and it seems that Lee is not in their plans.
The London outfit do have a number of talented young players on their books, such as Reece Oxford, Martin Samuelsen and Stephen Hendrie.
Lee has taken to Twitter to bid a fond farewell to the London club, but he has admitted his frustration at not being given enough chances, with West Ham fans responding to his message on the social networking site.
@ElliotLee9 so disrespectful, you're worse than that kid who only plays because his Dad is the manager...— ⚒ (@Liam__whu) May 15, 2016
2 goals in 15...IN LEAGUE ONE
@ElliotLee9 good luck Elliot, i will never forget that goal you scored in Europe for us. We'll always support you and believe in you 1/2— IronsHome (@Irons_Home) May 15, 2016
@ElliotLee9 You never got the opportunity you deserved; I'll never understand why!!! Good luck. Always backing you, Elliot.— Kareem Chehayeb (@chehayebk) May 15, 2016
@ElliotLee9 best of luck for the future, you have conducted yourself very well through frustrating times. Hope you make it to the top .coyi— Stephen Chilton (@CHILT51) May 15, 2016
@ElliotLee9 never got given a chance lad. Will this kid in five years Ripping nets in Prem.— Marcus Fry⚒ (@M_FRY10) May 15, 2016
Good luck and loads of goals and success at your new club! Take care, @ElliotLee9— Wolfgang Berger (@rapidhammer) May 16, 2016
@ElliotLee9 gutted you never got a real chance to prove your worth. I hope you go on to score plenty of goals, just not against us!— David Norton (@thechickenrun95) May 15, 2016
@ElliotLee9 Gutted you never got to 1st team Elliot, such a bright future for you, Good luck mate, you deserve success, just be patient— Jay Ross (@jlross1989) May 15, 2016