Richards recently entered the final year of his contract and his decision to reject a new offer from City has opened the door for a cut-price move.
Despite their wealth, the reigning English champions are keen to avoid losing their academy graduate for free.
As a result they have slapped a £7m valuation on him, which appears to have scared off suitors.
Although a talented player, Richards’ injury record over the course of the past few years has been horrendous, with the powerful enforcer managing just 10 outings last term.
Liverpool, Spurs and Everton are all watching, but with under 12 months on his contract and fitness issues, they all value the 26-year-old at a lower figure than City want.
Richards is unlikely to have much of a future at Eastlands, with Manuel Pellegrini having added Bacary Sagna at right back.
Create your free online surveys with SurveyMonkey , the world’s leading questionnaire tool.