Richards, 26, was touted for stardom when he broke through at Manchester City, and even scored for England against Israel as a 19-year-old.
However, Manchester City's increased riches and Richards' own lack of development have contributed to his recent struggled, and he's currently on a season-long at Italian side Fiorentina.
Richards has made just seven starts for Vincenzo Montella's side this season in all competitions, and will be heading back to the Etihad Stadium this summer.
The Daily Mail believe that Borussia Dortmund and Inter Milan are interested in signing Richards, but they report that Richards wants a return to the Premier League - prompting interest from Liverpool and West Ham United.
Liverpool spent heavily on new defenders last summer, but Dejan Lovren has been a disappointment for the Reds, meaning manager Brendan Rodgers should be looking for more defensive reinforcements at the end of the season - which could bring Richards into play.
Meanwhile, West Ham are facing up to life without centre back Winston Reid, who is out of contract at the end of this season, and Richards could replace some of the New Zealander's athleticism in the heart of the Hammers defence.
It seems that Richards will have options if Fiorentina don't choose to make his move permanent, with Liverpool and West Ham leading the way according to reports - Richards is far from a lost cause despite not living up to his potential in recent seasons, so whilst he may be a gamble for either side, he still has potential even at 26.