The 20-year-old was a key target for Everton during the summer with the Premier League outfit having an offer rejected.
Patterson is one of the highest rated young players in Scotland but has started just one league game for the Scottish champions this season.
With interest from the Premier League, there has been plenty of chat over his future at Ibrox.
"It's a lot of money for a guy who hasn't played a great deal of first-team football,” Rae told Superscoreboard.
"You can clearly see what the boy brings to the table.
"I've obviously given the academy a wee bit of stick over the years but you have to give them plenty of praise here. This kid is tremendous.
"If they've knocked back £8m or £9m, if they [Everton] come back with £10m, is that really going to change their mind? I don't think it will."