According to AFL.com.au, Riccardi is weighing up whether to accept the club's offer or field the interest of rival suitors.
The 21-year-old has played just the seven matches this season for Greater Western Sydney, with his most recent coming as an unused medical sub.
Riccardi has shown some promise as a defender however, and has been utilised as a swingman by coach Leon Cameron.
Dominant VFL form has given rival clubs a decent glimpse into Riccardi's potential, highlighted by an eight-goal outing against Aspley last month.
A number of Victorian clubs could look to lure the former Werribee forward back to his home state, with several sides hoping to bolster their key forward stocks at this year's exchange period.
The Bombers and Kangaroos are two clubs that are looking into that exact mould to add to their list this off-season.
The Giants have a number of contract calls to make this year, with superstar midfielder Josh Kelly also weighing up a return to Victoria.