The 24-year-old is the brother of West Ham forward Elliot Lee, who was on loan at Kenilworth Road last season, and is without a club after being released by Championship side Birmingham City.
Lee featured for Town during pre-season and has played for Still before, with the boss signing him on loan from West Ham United when manager at Dagenham.
Speaking after tonight’s 1-0 home defeat to Bristol Rovers, the Luton chief believes Lee’s addition will be his final one of the transfer window, as he said: “We’re probably going to bring in Olly Lee, Elliot’s brother. He’s been training with us and there’s no big investment in it, he’s without a club.
“He’s a different type of player than we’ve got, so we’ll bring him in. He’s a passer, but other than that, I don’t see anything else we’ll be looking to do.
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“I think it’s important when we’ve got so many new players is to make sure they’re all bedded in.”
There has still been no action in terms of players leaving Luton, with Still actively trying to move the likes of Jake Howells, Matt Robinson and Andy Parry on before the deadline passes.
He added: “We’re working hard and hopefully their agents are working hard to find them a home. Sometimes deadline day produces lots of activity, but there’s nothing at the moment.”