Word is from insiders is that he is going to appeal to try to get to play immediately if he transfers. If the appeal is granted, he will probably transfer to Michigan, if not, he will stay at Ole Miss or go to some small school and prepare for the draft. The plan is to play 1 year then head to the NFL. So far it is ruled that only upcoming seniors can transfer without having to sit out a year.
An update. It looks like Patterson will transfer to Michigan regardless of the appeal but still could be 1 and done regardless. Also, Van Jefferson and Deontay Anderson are looking likely to transfer as well. Van Jefferson will definitely get immediate playing time, but Anderson, while being a top 50 recruit struggled to crack the rotation on a mediocre Ole Miss defense so who knows. Maybe he fits better in Don Brown's system. Lord knows we need safeties in the worst way.