According to the Korea Times, Samsung have recommended the 25-year-old to Chelsea after considering a number of Korean stars currently plying their trade in the K-League.
Although the move appears to be a marketing tactic for Samsung, the conglomerate is confident Lee will prove to be a valuable addition for Chelsea.
However, Ulsan are cautious about the link and advised they have not heard anything from relevant parties.
"We haven't heard anything about it," a club spokesperson was quoted as saying in the Korea Times.
"Chelsea and Hyundai Heavy Industries (Ulsan's sponsors) have not sent us any bulletin or direction. We will just wait because it is a matter between the two."