The 20-year-old - who is currently on loan with Championship outfit Swansea City - was tipped for a bright future at the Emirates Stadium after a series of impressive displays at academy level.
In December 2021, Patino came off the bench to score on his Arsenal debut in a 5-1 EFL Cup win over Sunderland, before starting an FA Cup loss to Nottingham Forest a few weeks later.
However, the England Under-21 international has not made another first-team appearance for the Gunners since, spending the 2022-23 season on loan at Blackpool and joining Swansea for the current campaign.
Patino has made a bright start to his second stint in the Championship with one goal and four assists from his first 11 games in Wales, and Arsenal triggered an extension in his contract prior to his move to keep him at the club until 2025.
It was reported over the summer that Patino's long-term future may lie away from Arsenal, as his chances of regular first-team football over Mikel Arteta's current midfielders were slim.
Nevertheless, the Englishman recently affirmed that he still hopes to make a name for himself in North London, but should he continue performing in the same vein, he may not be short of offers in the coming months.
According to Calciomercato, Italian giants Milan are keeping a close eye on his displays in the English second tier, as the Rossoneri aim to continue bolstering their ranks with young talent.
At the moment, though, Patino is only thought to be a backup option if Milan fail to agree a contract renewal with Rade Krunic, who is due to become a free agent at the end of the 2024-25 campaign.
The Rossoneri will reportedly step up their interest in Patino if Krunic does not agree to fresh terms, but Arsenal are prepared to demand as much as €25m (£21.7m) to let their academy product leave.
Formerly of Luton Town, Patino left the Hatters in 2015 to join Arsenal's youth setup, and former Gunners scout Brian Stapleton hailed the 20-year-old as "the best kid" he had ever laid eyes on.
"Of all the years I've been scouting, he's the best kid I've ever seen," Stapleton told Goal in 2021. "I got a tip off about Charlie from a guy, so I went over there and I couldn't believe what I was seeing. He was 11 and I think he was playing in the Under-13s, and I was like 'wow'.
"His first touch was unbelievable, his vision, his awareness of space. He was way above his years, he was on another planet to anyone else on the pitch.
"I made a phone call to my head of my department at Arsenal at the time, Sean O'Connor. He asked what I thought and I said, 'well, I'm not coming back again. I don't need to see any more, you need to sign this kid straight away.
"Sean O'Connor discovered Jack Wilshere and he said to me that Charlie is the best player who has ever walked through the doors at Hale End. The kid has got so much potential, but he's not there yet."
Patino has represented England from Under-15 to Under-21 level, making his debut for the latter in a Euros qualifying victory over Luxembourg in September.