Ricardo missed the last two games of the season through injury
Leicester City keeper Ricardo is one of 10 players to be released by the Foxes.
The 35-year-old former Portugal international joined the Foxes in January, external and made eight appearances, conceding nine goals.
Robert Ambrusics, Ashley Chambers, Nathan Hicks, Jorrin John, Craig King, Ben Milnes, Luke O'Neill, Aman Verma and Adi Yussuf are also going.
City are yet to make a decision on injury-hit defender Aleksandar Tunchev,, external who will train in pre-season with City.
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