Lisbie, the 27-year-old Jamaican international, rejected the chance to join the Whites to sign for Derby County on a one-month loan deal.
Lisbie has connections with Rams boss Terry Westley when he was the head of Charlton’s academy.
Leeds had hoped to have Richard Cresswell fit for the final games of the campaign but he now misses the rest of the season.
Kevin Blackwell said: "Richard's had the operation and he's out for the season. It's a blow and it leaves us reduced in numbers. I'll have to look at bringing someone in."
Blackwell is also being linked with a loan move for Hammers defender Collins.
Plymouth boss Tony Pulis had also been keen on the former Cardiff centre-half, but he indicated that the Welsh international turned down the chance of joining Argyle on loan in the hope of a deal at Leeds.
The 22-year-old has had limited chances at Upton Park following his move from Ninian Park last summer.