The 26-year-old has attracted the attention of head coach Cristian Chivu, who is understood to be keen on adding a centre-back with the pace, technical ability and defensive qualities the American offers.
According to TMW, Inter's recruitment team are assessing the possibility of bringing Richards to Milan, with his contract situation at Selhurst Park potentially making a deal more attainable.
His current agreement runs until 2027, leaving Palace with a decision to make over his future as the defender approaches the final period of his contract.
Inter Milan's interest comes amid concerns about their defensive performances this season. The Nerazzurri remain second in the league standings and have collected six points from their first four Champions League League Phase matches, but strengthening at the back is understood to be a priority.
Richards is viewed as a player who could address several of the requirements identified by Chivu. Inter are looking for a centre-back who is comfortable on the ball, quick enough to defend space and capable of dealing with opponents in individual situations.
The American's profile is understood to fit that description, making him an attractive option as Inter consider their next moves in the market.
The club are not simply looking for a long-term development project. Their preference is for a defender capable of contributing immediately, while remaining within the financial limits of their recruitment plans.
Richards' deal at Crystal Palace is a significant part of the attraction. With his contract due to expire in 2027, Inter could explore whether a January agreement is possible rather than waiting until the end of the season.
If a winter move cannot be arranged, the Italian club are also considering the possibility of pursuing him on a free transfer next summer.
That would depend on Richards' contract situation remaining unresolved, as well as Palace's willingness to consider a departure before his deal expires.
For now, Inter's interest is at the monitoring and planning stage. There is no confirmed agreement between the clubs, but Richards has emerged as a name that Chivu and the recruitment department are taking seriously.
The coming months could therefore be important in determining whether Inter make a formal move for the Palace defender.