The second-year backup guard is averaging 10.5 points and 4.6 assists while shooting 36.6 percent from 3-point distance in 51 appearances with the Raptors this season.
Lin was enjoying a dazzling breakout season in NY in 2011-12 when he brought his "Linsanity" road show to Toronto, draining a three-point dagger at the buzzer to lift the Knicks 90-87 over the Raptors.
It will be interesting to see how much of a role Lin will have in the rotation but considering the difference lineups Nurse likes to throw out, expect Lin to get some playing time down the stretch and in the playoffs.
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.
The plan to enter into an agreement with Lin comes one day after the Raptors finalized the conversion of two-way player Chris Boucher's contract to an National Basketball Association standard contract.
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"Heck of an addition for the Raptors, with Fred being out a little bit", Atkinson said.
Nets coach Kenny Atkinson, who coached Lin in the past, was impressed by the Lin pickup. He's an elite competitor.
Lin, 30, will be joining his sixth team since Linsanity ended in 2012 - and seventh overall - and likely soon will make his fourth career playoff appearance, joining a Raptors (41-16) team with the second best record in the Eastern Conference.