Last year, Lee's former comedy partner Richard Herring suggested that the pair may collaborate on a release of their mid-'90s BBC Two show, which originally started life as a radio programme.
Lee, whose Comedy Vehicle returns tonight at 11.20pm on BBC Two, told Digital Spy: "Oh, he's done it, he's sorted it out... He's managed to buy the first series, or both series, of Fist of Fun off [the BBC] for 15 grand.
"So we've gone three ways on it, me, Rich and Chris Evans, who runs [independent DVD firm] Go Faster Stripe. Of course we can sell them after gigs and I don't think it should be too difficult to make the money back."
He continued: "I think it's quite important for Richard's self-esteem. He's done much better than me financially in his life - he co-wrote Al Murray's sitcom - but I don't think he's had the critical acclaim that I've had. Weirdly, I'd be much happier with the money and no critical acclaim!
"I think he feels he did something really good in Fist of Fun and it's never had the credit it deserved. I think it's really important for him to get it out there.
"I'm really happy for him that that's happening. I'm slightly ambivalent about it. I really liked the first series. I feel with the second series we were encouraged to make a number of artistically ill-advised compromises."
Asked about the planned release date of the series, Lee added: "We'll film a load of extras for it... I think it might be next year - we've got an idea about doing a one-off gig to launch it."
Writing on Twitter, Herring quipped: "Despite Lee's attempts to belittle me and aggrandise himself I am delighted that we'll be able to bring you Fist of Fun on DVD.
"We are going to make sure it has lots of great extras, but I think series 1 might be ready for Christmas. We'll see.
"We have had to do the DVD ourselves though - at some expense - as BBC don't think it was worth it. Let's prove them wrong."
> Read our full Stewart Lee interview here