Newly-promoted Deportivo sacked coach Fernando Vazquez on Tuesday after a clash over the club's transfer policy.
Now Deportivo are compiling a list of possible replacements and Sky Sports understands Riga is on that list.
Riga took charge at Bloomfield Road earlier this summer following a successful stint at Charlton Athletic, which saw him save the club from relegation last season.
Riga has not found life easy at Blackpool with issues over his backroom staff and lack of progress over signings, and the chance of coaching in La Liga is sure to appeal.
The 56-year-old Belgian is highly thought of on the continent following his spell in charge of Standard Liege and his stint as AC Milan’s youth boss.