A retired judge will mediate at the face-to-face, at a time and place to be decided, the Associated Press reports. The mediator will also determine whether any further action should be taken in the matter, according to Richards's spokesman and an attorney for the men.
Richards's rep, Howard J. Rubenstein, said a cash settlement could also figure into the resolution.
"My client Michael hopes to put it behind him," said Rubenstein, who also commended attorney Gloria Allred, who suggested the meeting. Allred represents the four men who were the subject of Richards's racial epithets onstage at the Laugh Factory in West Hollywood.
Since the outburst, which became the topic of national conversation, Richards has apologized on the Rev. Jesse Jackson's nationally syndicated radio program Keep Hope Alive and The Late Show with David Letterman. He also apologized to civil-rights activist the Rev. Al Sharpton.
"I went back onstage that night and I apologized to quite a few people," Richards told Letterman. "I didn't get to talk to everyone. They left. And they went to the press, as they should have."
Richards, 57, blames the tirade on his anger at being heckled and not on bigotry.