The 28-year-old has penned a two-year deal at Glanford Park following his exit from League One rivals Charlton Athletic on deadline day.
Born in Newcastle, Novak started his senior career with Scottish side Gretna, before returning to the North-East to play for Newcastle Blue Star and then Gateshead.
The player was then snapped up by Huddersfield Town in 2009, where he scored 34 goals in 144 appearances, before moving to Birmingham City in 2013 and spending three years in the West Midlands.
Novak subsequently signed for the Addicks last summer and endured an injury-plagued debut season at The Valley, before being sent off after just six minutes against Bristol Rovers in the opening game of the new campaign.
Charlton manager Karl Robinson is quoted by News Shopper as saying: "I'd like to put on record my thanks to Lee. He is an excellent professional and worked hard for me and the club from the moment I walked into the building.
"He was unlucky with injuries in his time here and his dedication cannot be faulted, as people will have seen most recently in the Norwich game. This, however, was a deal that was best for all involved. We wish him all the best for the future."
Novak has scored 59 goals in 177 EFL starts and could make his debut for the Iron at Bury on Saturday.