The 22-year-old, who has made one appearance in the Europa League this season, is well down the pecking order in Michael Laudrup's plans.
Richards enjoyed a successful spell on loan at Crystal Palace last season, helping them promotion to the Premier League.
Swansea are thought to be ready to send the Wales international out on loan again so that he can get some valable first-team action under his belt.
The news of Richards's availability has alerted a number of sides with Huddersfield, Birmingham and Millwall all believed to be vying for his signature on loan.
Full-back Richards is highly-regarded at Swansea and signed a new contract last season to keep him at the Liberty Stadium until 2016.