The City defender is desperate to show City's new boss, and England manager Roy Hodgson, what he can do after shaking off a bout of niggling injuries.
Speculation in the media has been rife about Richards' future in the past year with reports linking him to top clubs in Italy being the most prominent.
But the former Oldham Athletic youth is keen to impress Pellegrini and win back a regular slot, or at least a share of the opportunities back from Pablo Zabaleta.
Richards said: "I did say at the start of the season I wanted to see the manager's plans and I'm in his plans, as he's said all along, so we'll see what the future holds, but I'm happy at Manchester City.
"I've been here since I was 14, it's a club I love. Before I got my injuries, I was number-one choice. It's only because I got injuries and Pablo Zabaleta has done so well, I find myself not playing as regular.
"I'm fully fit now and I'm ready to show everyone what I can do."
Richards is hoping to start his first Premier League match of the season on Saturday, having only appeared against Bayern Munich and Wigan Athletic so far this season.