Richards' current deal is not due to expire until 2010 but new owner Thaksin Shinawatra is keen to secure the services of the England international, who has already skippered City this season and whom boss Eriksson views as a long-term Blues captain.
So far, however, the 19-year-old has failed to agree terms and reports have emerged that he has turned down City's latest offer.
Eriksson claimed to know nothing about the latest rumours, but the Swede insisted there is no long-term problem and Richards will eventually commit his future to City.
"I do not know how close it is but sooner or later it will happen, I am quite sure about that," said Eriksson.
"Micah is under contract until 2010, so he has plenty of time to sign. He will sign, I just don't know when."