The Palo Alto, California native is averaging 10.7 points, 3.5 assists, and 2.3 rebounds in 51 games for the Hawks this season.
Linsanity is coming to Canada.
Wojnarowski reports that the buyout could be completed as soon as Monday, allowing the Raptors to sign him sometime this week.
Atlanta was Lin's seventh team in his career.
Aaron Ramsey 'signs £400,000-a-week deal with Juventus'
Other clubs, including Barcelona, Real Madrid , Paris St Germain, Inter Milan and Bayern Munich, were linked with the player. Ramsey , 28, issued his own statement via Instagram.
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.
National Basketball Association point guard Jeremy Lin is completing a contract buyout agreement with the Atlanta Hawks that will allow him to sign with the Toronto Raptors.
VanVleet is believed to have suffered the injury in the second quarter of Saturday's victory over the New York Knicks. Adding Lin doesn't necessarily qualify as an attack of the buyout market, but there haven't been many getting done to this point.
In Toronto, he is expected to add depth behind Kyle Lowry and Fred VanVleet as the Raptors pursue the No. 1 seed in the Eastern Conference, now a game behind Milwaukee.