The Reds' boss is looking to entice the England man away from Eastlands with the promise of regular first-team football and a chance to break back into the international set-up.
The Anfield manager is hoping for an injection of cash this summer in order to land his man, but given the precarious financial situation the Merseysiders face, he might be forced to raise the funds through sales.
Despite missing out on Champions League football, the attraction of regular football may be enough for Richards to make the move, after seeing his career slighly derailed in the past season through injury and competition for places at Eastlands.
It is speculated that the likes of Phillip Degen, Yossi Benayoun and Albert Riera will be offloaded to raise the required fee for Richards.