City’s £10m-rated England international is again being eyed by Gunners boss Arsene Wenger as a potential replacement for Bacary Sagna, who is is out of contract at the end of the season and is being lined up to join French club PSG.
A bid for the English defender would add depth and versatility to Wenger's squad, with Richards able to play at right-back or in central defence.
Arsenal have already suffered several injury setbacks in defence this term, losing Bacary Sagna, Kieran Gibbs and Per Mertesacker at different stages of the campaign.
Having watched the likes of Phil Jones and Chris Smalling prop up Manchester United's title aspirations in the middle of defence and out wide, Wenger will be well aware of the value of a utility man such as Richards.
The City defender's more physical approach to defending would be a welcome addition alongside the ball-playing figures of Laurent Koscielny, Thomas Vermaelen and Gibbs.
Arsenal were undone by a corner in their recent loss to Manchester United, which took advantage of the clear gulf in size between the two sides.
However, as Jones explains, Arsenal could face issues persuading the player to leave City. Richards is out of contract at the end of next season but recently revealed he wants a long-term stay at the Etihad.
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With Manuel Pellegrini's reign at the Etihad still in its embryonic stages, Richards may feel he can risk waiting a little while longer to try to force his way into the Chilean's plans, especially if Arsenal's title challenge begins to fade.
It's vital that the Gunners maintain their momentum should they wish to sign quality reinforcements in January. A trophy drought of eight years and counting is not the most appealing prospect for prospective signings, particularly if they are faced with the dilemma of leaving a fellow title-chasing club to move to North London.