The Reds are said to have identified the 23-year-old as an ideal replacement for current number two Caoimhin Kelleher, who is attracting interest from Scottish champions Celtic.
Patterson is a graduate of the Sunderland youth academy and played every game during the Black Cats' playoff push in the 2022-23 season, keeping 14 clean sheets in 46 regular-season appearances.
The former England Under-21 international - who won the EFL Trophy with Sunderland in the 2020-21 season - has kept up his strong form in between the sticks in 2023-24, registering eight shut-outs in 27 second-tier matches.
Back in September, Sunderland agreed a contract extension with the 6ft 2in goalkeeper until the summer of 2028, but the Black Cats could struggle to retain his services if members of the Premier League's Big Six come knocking.
According to HITC, both Arsenal and Man City are now rivalling Liverpool for Patterson's signature, and Sunderland have supposedly resigned themselves to losing the 23-year-old this summer.
Scouts from the Emirates are said to be particularly impressed with Patterson, whose home-grown status also makes him an attractive option for clubs, and Arsenal could be on the lookout for a replacement for Aaron Ramsdale.
Despite making a name for himself in North London and keeping the second-most Premier League clean sheets last term, Ramsdale was brutally demoted to David Raya's deputy following the Brentford loanee's arrival in the summer.
Arsenal are expected to trigger the £27m option to make Raya's transfer permanent in the summer, and if there is no clear path back into the first XI for Ramsdale, the England international will likely seek pastures new.
A January exit has been mooted for Ramsdale as he bids to earn a place in Gareth Southgate's Euro 2024 squad, but Arsenal are not expected to sanction the 25-year-old's departure in the middle of the campaign.
Meanwhile, Man City are also said to be planning for life after current number two Stefan Ortega, and they have been running the rule over Patterson throughout the past several months.
In addition to the three aforementioned clubs, Chelsea have supposedly taken a liking to Patterson, but the Blues are not considered serious contenders for the Englishman at this moment in time.
The report adds that one of Robert Sanchez or Dorde Petrovic may have to leave the club in order to facilitate Patterson's arrival, while Real Madrid and Eupen loanees Kepa Arrizabalaga and Gabriel Slonina are also due to return to the club this summer.
Patterson has amassed a total of 32 clean sheets in 105 appearances for Sunderland since making his debut in 2020, and he made his debut for England's Under-21s last June.