The Nets have agreed to trade Lin to the Atlanta Hawks, a person with knowledge of the deal said early Friday.
It is unclear what else the Nets will receive in return.
The two teams will also exchange future second-round picks in the deal, according to ESPN.
Whitehead also saw little action throughout the 2017-18 season as he only played 11.3 minutes per game in 16 outings with the Nets.
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Spencer Dinwiddie stepped in while Lin was out and became one of the NBA's most improved players.
Jeremy Lin is headed to his fifth National Basketball Association team in the last five years. According to the report, the Hawks will send the Nets a 2020 second-round pick originally from Portland and the rights to 2016 second-round pick Isaia Cordinier, who to date has remained in his native France. The Hawks then acquired the rights to high-scoring former Oklahoma star Trae Young in the draft.
The Post reported last month the Nets had been shopping Lin, and that they had been looking to take Nuggets big man Kenneth Faried in a salary dump to get a pick. Faried is owed $13.76 million this season, and Arthur is set to earn $7.46 million.
An eight-year veteran, Lin has career averages of 12.0 points, 4.5 assists and 2.9 rebounds.