The Hawks waived Lin on Monday, and his move to Toronto, first reported by ESPN, had "Linsanity" trending on Twitter.
The plans to enter into an agreement with Lin comes one day after the Raptors finalized the conversion of two-way player Chris Boucher's contract to an National Basketball Association standard contract.
With Kyle Lowry dealing with a lingering back issue, and Fred VanVleet (left thumb soreness) now a little banged up himself, Lin may find a solid immediate role off the bench for the Raptors. They recently traded Delon Wright, one of their backup guards, in a deal that brought in Marc Gasol from the Grizzlies.
"Very smart. And versatile".
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Toronto will become Lin's eighth National Basketball Association franchise, after stints with Golden State, New York, Houston, the Los Angeles Lakers, Charlotte, Brooklyn and this season Atlanta.
Lin, 30, is averaging 10.7 points, 2.3 rebound and 3.5 assists in 19.7 minutes in 51 games (1 start) for the Hawks this season, shooting 46.6 percent from the field, 33.3 percent from beyond the 3-point arc and 84.5 percent from the free-throw line.
The plan to enter into an agreement with Lin comes one day after the Raptors finalized the conversion of two-way player Chris Boucher's contract to an National Basketball Association standard contract.
Dating even further back than that, in 2012 during his "Linsanity" run he recorded a double-double of 27 points and 11 assists before burying a game-winning 3-pointer to beat the Raptors.