Ralphsmith signed a two-year extension in 2021 as a teenager, having made his debut that season and notched up a further five games in the yellow and black as an exciting dasher out of defence.
The 21-year-old played 13 games last year and has featured in as many matches in 2023, however five have come as the tactical sub.
Ralphsmith was a target for GWS last year as the New South Wales side looked to broker a deal with Richmond over star midfielder Jacob Hopper, who had requested a move to Punt Road at the conclusion of 2022.
Soldo went as far as meeting with the Giants, while the Tigers were quick to shut down any potential move that included Ralphsmith. The Tigers would eventually hand over their 2023 first-round selection and Pick 31, while picks 53 and 63 would land with the Tigers alongside Hopper.
Now off-contract, further clubs could come calling for Ralphsmith, as the East Brighton junior's contract nears its expiry.
Speaking on the Tradies Podcast, AFL reporter Mitch Cleary said Ralphsmith could be "up for grabs" as a potential trade target for rivals.
"Hugo Ralphsmith at Richmond, we thought he was going to be the next big thing off half-back or on the wing, was the sub on the weekend and been in and out of the side," Cleary said.
"The Giants had a look last year given the relationship he had with their new coach Adam Kinglsey. They were told pretty quickly there was nothing to see here. He's now out of contract this year.
"I think he's one up for grabs. Clearly, he hasn't re-signed, so he is. He's one for clubs to discover at the end of the year.
"Who knows, the Giants could have another look given the relationship he's got with their coach who has all of a sudden got his side humming."
Ralphsmith is among the handful of valued Tigers still unsigned for next season, with midfielder Jack Graham, defender-turned-forward Rhyan Mansell and veteran pair Trent Cotchin and Jack Riewoldt yet to know their futures beyond 2023.