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 -- $13.8 million for the 2018-19 season -- makes it impossible for a team to claim him off waivers.
Lin's arrival in Toronto takes on greater importance with Raptors guard Fred VanVleet expected to miss at least three weeks with a partially torn ligament in his left thumb. The team says VanVleet will wear a splint for approximately three weeks before it's re-evaluated.
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.