The Hawks waived Lin on Monday and Jim Tanner, one of his agents, confirmed Lin's plan to join Toronto, which was first reported by ESPN.
Lin and the Hawks worked out a buyout agreement.
''The future is bright for Atlanta!!! I truly mean that!'' Lin posted Monday on Instagram . ''Everyone who knows me knows how big my dreams are and that I have so much left to give to the game. Hyped to join the Raptors!!''
Lin thanked the Hawks, saying they helped him ''become myself again on the basketball court and allowed me to experience the joy of hoops again!''
Toronto will become Lin's eighth NBA franchise, after stints with Golden State, New York, Houston, the Los Angeles Lakers, Charlotte, Brooklyn and this season Atlanta. He appeared in 51 games for the Hawks, all but one of those as a reserve, averaging 10.7 points this season on nearly 47 percent shooting.
Lin gives the Raptors obvious depth at both guard spots, and will likely - once he clears waivers and joins Toronto - spend time backing up point guard Kyle Lowry and shooting guard Danny Green. And he will be needed soon, with the Raptors announcing Monday that backup guard Fred VanVleet is expected to miss at least three weeks with a partial ligament injury to his left thumb.
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 NBA standard contract.
The Raptors entered Monday 41-16 and second in the Eastern Conference behind only NBA-leading Milwaukee.
Lin has averaged 11.8 points in 457 career games. He has been part of three previous playoff runs, in 2013 and 2014 with Houston and in 2016 with Charlotte.
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