The decision is expected to be finalized within the next 30 days after a contract is negotiated, Cheney said.
Patterson was named the FEDC interim president in November after former president Jim Gandy announced his retirement.
"[Patterson is] already doing the job," Cheney said. "He has the title of interim EDC [president], but I anticipate him—and I certainly support him—being named the permanent EDC [president]."
If Patterson is named the new president, he would leave his role as the assistant city manager, Cheney said.
The FEDC will also be looking to fill the role of the vice president. In February, the council and the board of directors approved the resignation of FEDC Vice President Dave Quinn.