Lee, 34, popped the question to the 27-year-old Danish superstar on Friday. The athletic duo posted photos of the gigantic diamond on social media.
"Happiest day of my life yesterday saying yes to my soul mate," Woznaicki posted to her social media accounts Friday afternoon.
Lee is currently a free agent. He posted 7.3 points and 5.6 rebounds per game in 79 games last season for the San Antonio Spurs.
He popped the question in Bora Bora, using the brilliant blue ocean as a backdrop. The diamond ring is 8.88 carats, according to Page Six.
She said yes!!! So thrilled to be engaged to my soulmate!!! ❤️💍 pic.twitter.com/8Xltz5GeJc— David Lee (@Dlee042) November 3, 2017
"She said yes!!! So thrilled to be engaged to my soul mate!!!" Lee wrote on social media.
Wozniacki is coming off of a win on Sunday against Venus Williams in the WTA Finals in Singapore.
The tennis star was formerly engaged to golfer Rory McIlroy, but the two split up in 2014.
Woznacki posted several pictures from her trip to French Polynesia.
"No filter needed," she wrote on one post last week. In that photo, she sports a bikini while sitting in an infinity pool and staring out at the Pacific Ocean.
Lee declined his player option with the Spurs in June. He dealt with a partially torn patellar tendon last season with the Spurs, but the injury did not require surgery.