Agents Jim Tanner and Roger Montgomery told ESPN on Monday that Lin could be with the Raptors by the middle of the week.
Lin is earning $12.5 million in his first season with the Hawks.
Lin, 30, became a household name in 2012, when a short but prolific run with the New York Knicks sparked what became known as "Linsanity." But since then, he has played for Houston, the Los Angeles Lakers, Charlotte, and Brooklyn before arriving in Atlanta in the offseason.
Lin began his career with the Golden State Warriors in 2010-11.
With the Hawks, he has come off the bench, playing behind rookie first-round draft picks Trae Young and Kevin Huerter.
With the Hawks, Lin averaged 10.7 points, 3.5 assists and 2.3 rebounds in 19.7 minutes per game.
--Field Level Media