The Hawks waived Lin on Monday, and his move to Toronto, first reported by ESPN, had "Linsanity" trending on Twitter.
Lin could sign with the Raptors as soon as mid-week. The video of his memorably buzzer-beater in Toronto made the social media rounds.
The Raptors were looking for a third point guard after trading Delon Wright to the Memphis Grizzlies as part of the deal to acquire Marc Gasol last week.
Toronto Raptors guard Fred VanVleet will miss at least three weeks with a left thumb injury, the team says. Also, Lin brings playmaking ability and should be able to fit in Nick Nurse's offence. "What I always said about Jeremy, he's a heckuva competitor". He's an elite competitor. You saw him guard Dwyane Wade in the playoffs. 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.
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Atlanta Hawks guard Jeremy Lin (7) dribbles the ball as Washington Wizards forward Jeff Green (32) defends in the second quarter at Capital One Arena. Can he be a valuable player for the Raptors down the stretch?
Dating even further back than that, in 2012 during his "Linsanity" run he recorded a double-double of 27 points and 11 assists before burying a game-winning 3-pointer to beat the Raptors.