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’s salary — $12.5 million for the 2018-19 season — makes it impossible for a team to claim him off waivers.
Lin, 30, has averaged 10.7 points, 3.5 assists and 2.3 rebounds for the Hawks this season. He has had stops with the Warriors, Knicks, Rockets, Lakers, Hornets and Nets in his eight-plus seasons in the league.
Lin is expected to play a significant role for the Raptors as they replenish their bench after a blockbuster deal with the Grizzlies for Marc Gasol. Lin will play minutes in a formidable role behind Kyle Lowry and Fred VanVleet.