And while Newcastle's back-row stocks have already been stretched by the long-term absence of Zeb Taia after neck surgery, Stone indicated the club would not object to Paterson leaving immediately if he could secure a long-term deal.
"From my personal point of view, if this opportunity wasn't available next year, I'd be disappointed if I held him back," Stone said yesterday.
"I'm happy for him to consider all options.
"If he did happen to go, it would be a blow for us for this year, but we have got a little bit of depth in that position, even though we've got a few blokes injured at the moment."
"Pato is one with a special set of circumstances," Stone said.
The coach was confident that if Paterson departed there was enough back-row talent to get Newcastle through the season.
Cowboys chief executive Peter Parr said his club would be "delighted to get him" but it was up to Paterson and the Knights to negotiate a release."There's still a bit to work through, from his end and the Knights' end in particular," Parr said yesterday.
"We've been open and honest with Cory, and we've been transparent with the Knights about what we can afford. If that is enough to get him to come and play with us, we'll be delighted with that.
"If that's not enough to get something to happen, well we've investigated it as much as we could. Nothing ventured, nothing gained."
Sidelined for the past three games with a knee injury, Paterson is unlikely to be available until Newcastle's June 18 clash with Penrith.
If he agrees to a transfer in the meantime, he may have played his last game for the club he joined as a 15-year-old and with whom he made his NRL debut in 2007.
The likelihood is that if Paterson agrees to join a rival club, Newcastle will have to pay at least part of his salary so that he is not out of pocket.
If he was not able to negotiate a suitable alternative, he would be entitled to stay with the Knights next year and they would have to honour his contract, estimated to be worth $280,000 a season.