@kurt: The LEDs are common anode (5V). Each output of the LED driver is connected to each LED's cathode. When the driver drops the potential from 5V to 3V current flows through the LED and voilĂ . Even if I remove the LEDs, the output of the driver will be 3V or 5V. Not sure how a pull-down resistor would help. Would you please elaborate?
@Tim: I don't have the liberty to wack off the driver, unfortunately. The main board is already made and good. Now I'm trying to use the LED outputs as GPO to feed the DAC. Not sure how old the AD557 is but I needed an 8-bit DAC and found this one.

In regards to using PNP transistors, are you suggesting to hold the emitter at 5V, grounding the collector via a pull-down resistor, connecting the output of the LED driver to the base, and getting an inverted output at the collector? I think it may work: When the base is at 5V, the PNP is off hence the collector is at 0V; when the base is at 3V the PNP is on, therefore the collector output 5V - V_EC, 4.4V approx.