Two-time flag winner Lynch will celebrate his 250th AFL game against St Kilda on Saturday, the same day triple-premiership pair Nathan Broad and Dion Prestia play their final games in yellow and black.
Lynch, 33, has struggled for form in recent weeks but remains structurally crucial to an inexperienced forward line.
"He's in discussions with that. I think that announcement will happen in the next week or so," coach Adem Yze said on Friday.
"He's so important to our footy club, I've said this before.
"That (forward) line is a really young line. And his form, to be fair, he's hitting the scoreboard and (he isn't) getting an opportunity to hit the scoreboard and to perform at the level that we really require.
"So on and off the field, he's going to be really important."
Richmond announced Prestia's retirement on Thursday but the midfielder later walked it back in a radio interview, leaving the door open to continue his career at GWS.
"I'm not shocked that other teams will be looking around that. I know what value he has off the field," Yze said.
"But that's his decision. He will have those discussions obviously and make that decision post this game. ... and that's in his hands.
"His value to us over the last three years has been terrific. Our list is in a little bit of a different spot right now, but there might be a team out there that feels like he might be the cream on the top.
"He would add value to any team. He's got a long coaching career in front of him, and whether whether that involves playing for a year, that's his decision.
"He's a great Richmond man and his legacy's going to last a long time at our footy club."
There is far more on the line for St Kilda - attempting to claim a fast-fading wildcard spot without injured superstar Nasiah Wanganeen-Milera - than cellar-dwellars Richmond.
But the Tigers want to scupper those hopes at the MCG while sending off Broad and Prestia the right way.
"We know what St Kilda are playing for," Yze said.
"So yeah, we're going to build this up."
The Tigers felt one got away when they faded in key moments in last week's nine-point away loss to Adelaide.
"We'll learn from it, and we feel like we gave ourselves a chance to win," Yze said.
"We didn't get the result. Now we've got to go and rectify that this weekend."
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