The Barclays Premiership champions will have to part with at least £15 million in order to secure the 18-year-old defender, who has been identified as the man to fill the right-back position that has given José Mourinho such problems this season.

Paulo Ferreira, Khalid Boulahrouz and Gérémi have all failed to impress in the role and a bid for Richards can be expected before the transfer window opens in January. Chelsea are also on the lookout for a new goalkeeper as Petr Cech will not return before the resumption of the Champions League in February.

In many respects, Richards is a prototype Chelsea player in that he is athletic, powerful, young and English, with the only real surprise being that the champions have not swooped for him sooner. The club did make an inquiry before he signed a new four-year contract with City last summer but failed to follow up their interest, which could prove an expensive oversight.

After impressing on his England debut against Holland this month, Richards’s profile and perceived value have soared, with City ready to demand about £15 million for a player they could have sold for only a fraction of that in the summer.

As an ambitious young man, Richards expressed an interest in moving to Stamford Bridge when told of Chelsea’s approach last summer and would listen attentively to any offer, but City are prepared to fight for him.

Pearce, the City manager, outlined the club’s determination to keep hold of their star asset yesterday, although it should be remembered that similar noises were made before Shaun Wright-Phillips’s sale 18 months ago. Such tough talking succeeded in driving up the price to £21 million but did not help Wright-Phillips, whose spell in West London has been little short of disastrous.

“I think whatever offers come in for him [Richards], it’s going to take a ridiculously big offer to get him out of this football club,” Pearce said. “The offer they [Chelsea] made us for Shaun had to be in that region to get him out of here, and the financial situation was such that we had to accept that offer.

“Things have changed at the club since then. The Shaun money is in the bank and things are on an even keel, so while we can’t go out and spend multimillions on players, we have not got the bank knocking on the door.

“I’m not actively looking to sell Micah Richards because I think he has got a great future at the club and I would love to see him stay here, go on, captain the club and maybe be here for ten years and carry the club on his back if he can, because he’s good enough to do so. I have not worked with anyone so good and so young.”

City’s desire to retain Richards is genuine, but Pearce appeared to leave the door open for a Chelsea bid by raising the possibility of Wright-Phillips returning to Manchester. The England winger has been told that he can leave Chelsea for a suitable price after attracting interest from West Ham United and Pearce has never hidden his admiration, making an unsuccessful attempt to bring him back on loan in the summer.

A cash-plus-player deal involving Richards would appear to suit both parties, if not Wright-Phillips, who has settled with his two young children in London and has his brother, Bradley, near by at Southampton.

City are aware that the chances of the prodigal son returning are remote, but that will not stop them trying. “The question is whether Chelsea would want to sell him [Wright-Phillips] after that,” Pearce said. “I think he would be extremely well received with the fans and I think he would give the place a big lift. The Shaun WrightPhillipses of this world can probably gain you ten points in a season.”

Pearce also hinted that there would be scope to improve Richards’s present deal — “I have a reputation for looking after the players at this club,” he said — and given that there is no clause in the contract dictating a rise in the defender’s salary dependent on international appearances, that may be necessary in the event that Chelsea come calling.

Richards is happy at the club, but the chance to quadruple his £12,500-a-week wages may turn his head.

Mourinho’s misgivings about the abilities of Carlo Cudicini and Hilário to compete at the highest level mean that, despite the recent arrival of Magnus Hedman on a short-term contract, Chelsea’s hunt for a goalkeeper will continue. The club still believe that Cech will make a full recovery from his fractured skull, but, as he will not resume training until January, he is unlikely to be available before March.