Lin, who was on an expiring $12.5 million contract, hasn't played since rupturing his patellar tendon during the opening game last season.
The two teams will also exchange future second-round picks in the deal, according to ESPN. Additionally, the Nets will send the Hawks a 2025 second-round pick and the right to swap second-round picks in 2023, according to Woj.
Lin's time with the Nets was plagued by injury. It also gave the Nets' crowded backcourt additional breathing room, especially after the Nets also dealt Isaiah Whitehead to the Denver Nuggets in a separate transaction that immediately succeeded the Lin deal.
As for the Nets, the Nets backcourt will now be mostly handled by Spencer Dinwiddie, D'Angelo Russell, and Caris LeVert.
Meanwhile, the Hawks are adding another fun point guard to a backcourt that just drafted Trae Young and Kevin Huerter.
The Post reported last month the Nets had been shopping Lin, and that they had been looking to take Nuggets big man Kenneth Faried in a salary dump to get a pick.
Faried, 28, played in 32 games (seven starts) for Denver last season, averaging 5.9 points and 4.8 rebounds.