The 19-year-old joins Celtic's David Turnbull St Johnstone’s Ali McCann and Josh Doig of Hibs on the shortlist.
Patterson has made a strong impression in his 14 appearances for the club this season, taking over from James Tavernier who missed a run of games through injury.
The player was caught up in a breach of Covid-19 guidelines which led to a four-game ban which he is half-way through. The defender is seen to have a big future at Rangers and with Scotland.
Turnbull, who was nominated for the award in 2019 when at Motherwell, has had the most productive season in terms of numbers, scoring nine goals and laying on a number of assists.
He started the season at Fir Park before Celtic done a deal in August to bring him to Parkhead.
Doig and McCann, first time nominees like Patterson, have very strong cases to be recognised as the best young player in the league.
The Hibs teenager has made the left-back or wing-back slot his own in his breakthrough season and has already won the SFWA’s young player award, while he has already attracted interest from England.
McCann, the most experienced of the quartet. has continued his rise at St Johnstone, helping them to the Betfred Cup and Scottish Cup finals.
He has been a hugely consistent figure in the Saints midfield across more than 80 games despite his age.