VanVleet will wear a splint for three weeks, the team said in a statement on Monday before its home game against the Brooklyn Nets.
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Wojnarowski reports that the buyout could be completed as soon as Monday, allowing the Raptors to sign him sometime this week.
Fellow backup point guard Fred VanVleet is expected to remain a key cog off the bench, as Lin has plenty of experience playing alongside other smaller guards.
The Raptors are now one game back of the Milwaukee Bucks for the top seed in the Eastern Conference, as they both have 41 wins but the Raptors have two extra losses.