The 26-year-old has well and truly established himself as a key player for Oliver Glasner this season, popping up with two goals in his 48 games across all competitions.
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According to BBC Sport, Palace are looking to reward Richards for his fine form with a new contract at Selhurst Park.
Talks over a new deal began last November, and they are now entering the crucial and final stages before papers are signed.
Although he is happy at Palace, Richards could delay proceedings until after the summer's World Cup, where he is expected to play a huge role for the USMNT.