Jeremy Lin finalizing buyout with Hawks, will sign with Raptors

Feb. 11 (UPI) -- Veteran point guard Jeremy Lin is finalizing a buyout with the Atlanta Hawks and will sign with the Toronto Raptors.

The Hawks announced they officially requested waivers for Lin on Monday. Sources told ESPN the Raptors plan to sign Lin as soon as midweek once the buyout is complete.

Atlanta tried to deal Lin prior to last week's trade deadline but couldn't find a partner due to the guard's bulky contract. Lin has a salary of $13.8 million for the 2018-19 season, making it unlikely that teams will claim him off waivers.

Lin will be available for the league minimum after he clears waivers. He can become an unrestricted free agent after the season.

"THANK YOU to the Hawks so much for this opportunity," Lin wrote on Instagram. "Coming off of 2 years of being injured, you helped me become myself again on the basketball court and allowed me to experience the joy of hoops again!

"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!!"

The Raptors also announced that guard Fred VanVleet will miss the next three weeks with a partially torn ligament in his left thumb, opening up an immediate need for Lin.

The 30-year-old Lin has averaged 10.7 points per game, 3.5 assists and 2.3 rebounds in 51 games (one start) with the Hawks this season. He has spent eight-plus seasons in the NBA with the New York Knicks, Golden State Warriors, Houston Rockets, Los Angeles Lakers, Charlotte Hornets, Brooklyn Nets and Hawks.