Linsanity is coming to Canada.
Agents Jim Tanner and Roger Montgomery were expected to complete the buyout with the Hawks as soon as Monday, they said, and Lin could sign with the Raptors as soon as midweek.
Lin, 30, will need to clear waivers first, something that should be a foregone conclusion given he's set to make $12.5 million this season. He appeared in 51 games for the Hawks, all but one of those as a reserve, averaging 10.7 points this season on almost 47 percent shooting.
Fellow backup point guard Fred VanVleet is expected to remain a key cog off the bench, as Lin has plenty of experience playing alongside other smaller guards.
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Lin is no stranger to Canada, having spent the majority of last season in Vancouver while rehabbing a knee injury that kept him out of 81 of 82 regular season games.
After reports of backcourt help being on the way in the form of Jeremy Lin, the Raptors have been hit with some bad news.
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. He has scored in double figures 30 times over the season, including a career-high 30 points in a 119-101 road win over Atlanta on February 7.