The Turin-based newspaper believe that the Nerazzurri are keen to bring the England international to San Siro after he endured a torrid campaign in the north-west last term.
Richards played just seven times for City in 2012/13 due to a knee injury and the arrival of Maicon.
Walter Mazzarri's side are reported to be big fans of the 25-year-old, who could be available for around €10m (£8.6m).
The San Siro side however, want to bring in the full-back on a season-long loan with an option to buy outright, but City will only consider outright offers.
Arsenal and Roma have also shown interest in the former Oldham Athletic trainee, who has two years to run on his contract.
Arsenal's interest is dependent on the future of Bacary Sagna, who is into the last year of his contract with the Gunners are bracing themselves for bids from PSG and Monaco.
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