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 per cent shooting.
The sugar high of "Linsanity" is long gone, and not coming to Canada in full. Earlier in the day, his agents told ESPN they were finalizing a buyout with Atlanta that would allow Lin to sign with the Raptors later this week.
Now an National Basketball Association veteran, the Asian-American first made headlines when he burst onto the scene in 2011-12 with the New York Knicks, inspiring a global craze known as 'Linsanity.' The craze was so significant that when he hit a game-winning shot against the Raptors in 2012, it drew a huge cheer - in Toronto.
Lin was effective as a backup and mentor to Hawks' first-round pick Trae Young.More news: Morocco freezes involvement in Saudi-led coalition in Yemen
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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. The Raptors host the Brooklyn Nets on Monday night.
Toronto will be his eighth employer in nine seasons in the league.
The Raptors are now one game back of the Milwaukee Bucks for the top seed in the Eastern Conference, as they both have 41 wins but the Raptors have two extra losses.
Lin began his career with the Golden State Warriors in 2010-11.