As exclusively revealed on Monday morning by sportsnewsfirst.com.au, Shaun Marsh did not feature in the squad as he battles to regain his international standing after a dismal summer.
Instead, his brother Mitchell Marsh will feature, along with Forrest and Lee.
Lee, 35, staked his claim with an impressive Twenty/20 season culminating in two wickets in the first over of the final on Saturday.
Brad Haddin will make way for Victorian 'keeper Matthew Wade, while Peter Siddle is rested to make way for Clint McKay.
Another notable omission was Test quick Ben Hilfenhaus.
Right-hander Forrest had a solid, if unspectacular, Big Bash with the Brisbane Heat, with 59 his highest score. He appears to have been preferred to the unlucky Callum Ferguson.
National chairman of selectors John Inverarity said a mix of old and new was again the thinking behind the squad - while also reacting to recent form and workload.
“Peter Forrest, Mitchell Marsh, Matthew Wade, Dan Christian and Clint McKay are in form and will have a chance to either prove or further prove themselves on the international stage," Inverarity said.
“Brad Haddin has come off a heavy program of Test cricket - the workload for a wicketkeeper/batsman is rigourous and resting him for the start of the series will refresh him for coming international commitments while also giving us a chance to look at Matt Wade at this level.
“Peter Forrest, in great form for Queensland and also for his Big Bash League side this summer, comes into the group but will remain available for the PM’s Xl game in Canberra this Friday, where he is vice-captain to Brad Haddin.
“Shaun Marsh is obviously disappointed with his own form in recent weeks and is out of the side but remains in our thinking for the future while he works at state level - as they say, class is permanent but form can be temporary.
“Brett Lee had a terrific Big Bash League and with Ryan Harris provides the squad with the experience at this level that will benefit the broader fast bowling group, while Xavier Doherty’s ability in this format speaks for itself."
The younger Marsh while in the squad will not feature in the early games.
“Mitch Marsh will be released from the squad for the first two ODIs to allow him to play in the Sheffield Shield match against Queensland as part of our planning for him to continue to benefit from long-form experience,” Inverarity said.
Meanwhile, Test spinner Nathan Lyon has been ruled out of the PM’s Xl squad to play Sri Lanka on Friday, with Queensland leg spinner Cameron Boyce and Victoria’s Meyrick Buchanan replacements.
Australian ODI squad: David Warner, Ricky Ponting, Peter Forrest, Michael Clarke (captain), Dan Christian, David Hussey, Mike Hussey, Matthew Wade, Brett Lee, Ryan Harris, Mitchell Starc, Xavier Doherty, Clint McKay, Mitchell Marsh