The mega-bucks tournament gets underway from tomorrow with centrally-contracted England stars prevented from taking part either this season or next.
The ECB's stance has caused rumblings in the England camp, with players frustrated at their potential loss of earnings.
Star batsman Pietersen described the situation as 'ridiculous', while others like captain Michael Vaughan have admitted it is only a matter of time until they join.
Lee told SunSport: “I would definitely like to see those guys feature - and the way things are looking that will happen. There are a lot of different countries and cultures in the IPL and it"s weird that no English players are involved. From a spectator"s point of view it would be great to get them in."
Lee, who will turn out for The King's XI Punjab, struck up friendships with Flintoff and Pietersen during the epic 2005 Ashes series.
And, having seen the pair at their best, the pace ace believes they are more than suited to the Twenty20 format.
“It would be a daunting prospect if the likes of Freddie or KP were in full flight. They smash the ball a mile when playing Test cricket - so in Twenty20 cricket they"d be scary for us bowlers," he said.