As most expected, Lin wasn't able to top the Linsanity fad from his time with the New York Knicks, having a rather disappointing two-year stint with the Nets.
The Nets and Atlanta will exchange future second-round picks, according to ESPN.
The Nets weren't done there, either.
Lin, 29, played just 25 minutes last season before suffering a season-ending ruptured patellar tendon on opening night. According to the report, the Nuggets will waive Whitehead. He has said he expects to be ready for training camp. He had averaged 14.5 points and 5.1 assists in the 2016-17 season for the Nets and carries a $12.5 million salary-cap hit on his expiring contract.
Wojnarowski noted that league sources indicated the Lin trade will likely speed up the process of the Hawks trading guard Dennis Schroder this summer. Brooklyn also has D'Angelo Russell, the No. 2 pick in the 2015 draft, at the point after acquiring him from the Lakers.
Whitehead, 23, averaged 6.3 points and 1.6 rebounds in 16 games off the Brooklyn bench last season.