Paterson, who can play as a winger or as a forward, has been on the books of Forest since 2013 and has a contract until June 2018. The 24-year-old is currently at Huddersfield Town on a season-long loan deal.
Paterson has scored three goals and created 31 chances in 19 Championship appearances for Huddersfield so far this season.
The attacker has a pass accuracy of 80% and a shot accuracy of 41%, and has won two headers, 13 dribbles and 10 tackles.
Huddersfield are 15th in the Championship table at the moment with 38 points from 32 matches.
Meanwhile, Forest are currently 11th in the standings with 42 points from 31 games, 11 points behind sixth-placed Sheffield Wednesday with a game in hand.