Lin told the Nets website earlier this week that he has yet to participate in full-contact drills as he rehabs the injury. As part of the deal, the two teams will also exchange future second-round picks.
MORE:Are Nets Making A Play For Marcus Smart? He made it through just 37 games with the Nets and only one last season, as he ruptured the patella tendon in his right knee during a season-opening loss at Indiana.
Lin joins rookie point guard Trae Young and veteran Dennis Schroder in a crowded back court with the Hawks. The Hawks now add Lin, who has one year remaining on his contract, to that guard mix.
The Nets also have D'Angelo Russell, the No. 2 pick in the 2015 draft, at the point after acquiring him from the Lakers.
As for the other deal, the Nuggets freed up $21 million in salary and potentially save $43 million in payroll and luxury tax next season, Wojnarowski reported. In 67 games last season, Schroder averaged a career-best 19.4 points per game, in addition to 6.2 assists and 3.1 rebounds.