Linsanity is headed north.

The Hawks announced Monday they have waived veteran guard Jeremy Lin. 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. 

The 30-year-old is the latest seasoned addition for Toronto, which acquired big man Marc Gasol from the Grizzlies at last week's trade deadline. 

Hours after the initial report of the pending move, the Raptors announced point guard Fred VanVleet will miss at least three weeks with a thumb injury. With starter Kyle Lowry already managing recurring back troubles, adding Lin could prove to be a critical piece. 

Lin has been a productive reserve for Atlanta in his first season with the team, averaging 10.7 points and 3.5 assists through 51 games. 

Toronto will be his eighth employer in nine seasons in the league.