Richards is wanted by Tottenham, Newcastle and Sunderland, and now Watford have entered the race.
The 26-year-old England international is currently on loan with Fiorentina in Serie A, and his contract expires at the end of this season - with almost no chance of renewal at the Etihad.
Despite his career stalling in the last few years - with few performances of note for either City or the Viola - Richards still has age on his side, and there is a belief that his potential has still yet to be reached.
He has 19 appearances to his name this term, but had totalled just 20 games across the previous two campaigns with City.
He took a wage cut to move to Italy this season, and with his contract expiring, it is believes that he will happily take a further cut to guarantee consistent playing time.
Despite the reputation of the other clubs in for him - Tottenham via the Mirror, and Sunderland and Newcastle via the Northern Echo - the chances for first-team football are surely more likely at Watford.
They have only just won promotion to the top flight, and Richards would be a talented signing with a wealth of Premier League experience to his name, and an almost guaranteed starter in a side currently short on quality in the full-back positions.