The Magpies confirmed the change ahead of the teams being named on Thursday evening for Saturday's match against Brisbane at the MCG.
It means Collingwood willl make at least two changes for the grand final, with Billy Frampton confirmed on Wednesday as the replacement for injured forward Dan McStay.
Temperatures in the high 20s are forecast for Saturday and Collingwood are banking on Lipinski's fresh legs having an impact later in the game.
"Pat's elite running ability will no doubt inject energy into the game and we look forward to seeing him make an impact on Saturday," Magpies football boss Graham Wright said in a statement.
Brisbane are likely to take an unchanged lineup into the grand final, with defender Jack Payne set to remain out of the team.
Payne was at long odds to force his way back into the lineup after missing their preliminary final win over Carlton because of an ankle injury.
The Lions most likely will persist with Darcy Gardiner, who played well on Coleman Medallist Charlie Curnow in Payne's absence.
While the Lions are set to remain without Payne, the Magpies have suffered two selection blows.
Forward McStay was ruled out because of the knee injury he suffered in their preliminary final win over GWS, while midfielder Taylor Adams had a setback at Tuesday training in his recovery from a hamstring injury, meaning he will stay out of their side.
Adams' season ending prematurely for a second consecutive year has been tough for the Magpies.
"It's really challenging," defender Jeremy Howe told the Nine Network.
"He's one of our spiritual leaders the way that he acts on field.
"Especially at this time of year, he seems to thrive when the games get really hard and ultra-competitive. That's generally what he does best.
"... It's really hard to see him get his body through the whole season and unfortunately just not quite be able to finish it off for the last game of the year."
Adams was replaced by Nick Daicos in the preliminary final
Howe added Frampton had "put a mountain of work in" to prepare for his shot at his first final.