The newly promoted La Liga side sacked Fernando Vazquez on Tuesday following a disagreement with the club over his transfer policy, and Sky Sports is reporting that the 56-year old Belgian is on Deportivo's list of potential replacements.
Riga arrived in English football last season, taking control of Charlton and guiding them to Championship safety. Despite not agreeing to stay at The Valley, Riga accepted to take the vacant managers seat at Bloomfield Road - hoping to guide Blackpool away from the troubling season they endured under Paul Ince and Barry Ferguson.
However, his first pre-season with the club has not gone to plan, and following Tom Ince's departure on a free transfer to Hull City, the Tangerines are left with just eight first-team players - including no goalkeepers.
He has also faced competition from the boardroom over his choice of backroom staff, and many fans are berating club owner Karl Oyston over his running of their beloved football team.
The Blackpool Gazette reported in June that the contracted players had no idea when to report back to pre-season training, and that Riga was unwilling to commit to any signings until his coaching staff are in place - an act that has yet to occur.
Whilst they refuted the claims of Riga wanting to leave after just three weeks in charge, they did reveal that relationships were strenuous at the club.
Riga is highly thought of on the continent following a successful spell in charge of Standard Liege, as well as working with the youth teams of AC Milan, scouting for the Belgian national side, and being invited to train the Real Madrid squad whilst current Chelsea boss Jose Mourinho was in charge.
Considering the current state of Blackpool's affairs, many fans are backing Riga to leave and enjoy a spell in charge of a club who can offer a forward thinking vision - and with Deportivo back in the top flight, not many coaches would turn their noses up at a head coaching role in La Liga.