Keith Andrews has been told by Bolton Wanderers that he is free to look for another club.
Sky Sports understands a number of English clubs are tracking Nigerian midfielder Nosa Igiebor.
The Scotland U21 international has followed in the footsteps of fellow Hearts youngsters Gary Oliver and Shane Nicholson, and signed a new deal keeping him at the club until 2017.
Paterson made his first-team debut for Hearts in 2012 and has since featured for the club on 69 occasions, scoring 15 goals.
The 19-year-old can play in a variety of positions but his performances for Hearts at right-back last season saw him emerge as one of the most exciting young talents in Scottish football.
The news is a timely boost for manager Robbie Neilson as well as the club’s fans who have taken Paterson to their hearts after following his three goals against city rivals Hibernian.