The newly-appointed Privett Park boss has already made a number of impressive signings this summer but regards the capture of Paterson as a real feather in the cap.
The move represents the striker’s second spell at Borough.
During the 2014-15 campaign he scored 25 goals in the Conference South.
And Molyneaux has no doubt Paterson can repeat that goalscoring record as Gosport look to change their fortunes in Southern League premier division south.
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'Matt is an experienced striker and a proven goalscorer in the National League and Conference South,' said Molyneaux.
'I am so pleased to get him because there has been a lot of interest from clubs one or two levels above us.
'Everyone knows exactly what they get from Matt.
'His attitude is spot on and he doesn't stop running.
'He is known for his hard work and ability to score goals.
'Scoring goals is what I have brought him here to do.
'If we get the ball to him in the 18-yard box then he will finish.
'His first touch is excellent and he has the ability to get his shots off early.
'For the past four years he has been scoring regularly for clubs like the Hawks, Oxford City and Welling United at the higher level.'
The 29-year-old forward came through the youth ranks at AFC Bournemouth and Southampton.
He made 19 senior appearances for Saints between 2008-2010.
After a two -ear spell at Southend United, he dropped into non-league football with Aldershot Town.
After that he had successful spells at Westleigh Park, Oxford City and Welling United.
He rejoined the Hawks in January but made limited appearances in their doomed fight to avoid relegation from the National Conference.
Molyneaux believes Paterson, like the other players he's brought in, can quickly change the mindset at Borough.
For the past three seasons the focus at the club has been all about avoiding relegation.
Now Molyneaux is determined to get Borough challenging at the top end of the table.
'I have no intentions of being anywhere near the bottom,' added Molyneaux.
'Our outlook has to be completely different.
'The players I have brought in shows our intent for next season.'