The 33-year-old has received a new lease of life this season, with coach Terry Wallace moving him up the ground to play on the wing, effectively giving him license to roam the ground at will.
The Herald Sun is reporting that Richardson, who is in his 16th season, is coming to the end of a two-year deal and is going to operate on single-year contracts until his career ends.
Richmond director of football Greg Miller said the club had no hesitation in signing up the 33-year-old Richardson midway through the season.
"Richo is in career-best form and we are very happy with him. We are only halfway through the year but we believe he has the capacity to go on next year. Richo is a Richmond man through and through, so we have no issue whatsoever," he said.
Richardson's manager Ricky Nixon said yesterday he expected that negotiating a new contract would be a simple matter.
"I spoke to the club this week about it, so the process has started, and I don't think there will be too many glitches," Nixon said.
"It will be the quickest negotiation in the history of the world."
