Paterson is Hearts’ key target heading into the final days of the transfer window, with the Scottish Premiership side keen to snap him up.
They have so far not managed to convince Sheffield Wednesday to sell though and the clock is ticking.
A deal for Paterson is still desired by Hearts, but if the club cannot reach an agreement with Wednesday then they do have other options in mind.
Paterson played the full 90 minutes in Sheffield Wednesday’s 1-1 FA Cup draw with Fleetwood Town on Saturday.
He has been handed regular game time by Owls boss Darren Moore in recent weeks and the jury is out on whether Hearts can land him.
Paterson made 162 appearances for Hearts during his spell at the Scottish club, hitting the back of the net on 39 occasions.
Hearts drew 0-0 away at Livingston in the Scottish Premiership on Sunday and Paterson would add an extra attacking edge.