Reds academy product Lascelles, who earlier this month was called up to the England Under-21 squad for the first time, had been linked with a move away from the City Ground but the highly-rated defender has put pen to paper on a four-and-a-half-year deal.
Arsenal, who had a £5million bid for the centre-half rejected in January 2011, were reported to have renewed their interest in the 20-year-old while it is thought that Liverpool have sent representatives to watch Lascelles on several occasions this season.
In January of this year Everton were fined £45,000 for making an illegal approach for the player in 2010.
However, Lascelles has now committed his long-term future to the club and the Reds will hope that will be enough to quell the interest from his suitors in the Barclays Premier League.
Paterson has also signed a new four-and-a-half-year deal after impressing during his first season on the banks of the River Trent.
The 22-year-old forward has scored 10 goals, including a hat-trick against West Ham in the FA Cup, since making the step up to the Sky Bet Championship from League One club Walsall in the summer.
Forest owner and chairman Fawaz Al Hasawi announced both deals via his official Twitter account on Tuesday evening.
- Sports & Recreation