Vanderpump, 52, recently said she doesn't know if the friendship with her former BFF can be saved, but Richards, 44, is holding out hope for a rekindling, following a Real Housewives of Beverly Hills reunion show that Richards says left her feeling, "attacked and ganged up on."
Explains Richards to PEOPLE: "I'm a happy person and I try not to hold a grudge and hang on to these things. I like to discuss things and get them off my chest and then move forward in my life. That's my intention."
The mom of four acknowledges she and Vanderpump have "got some things to work out," but she believes "we'll be able to."
Richards especially hopes the two become friends again because of the good times they shared.
"Lisa and I always had a lot of fun," she says. "We have the same sense of humor and I think we can have the most fun and laugh a lot more than I do with the other girls [on the show]. Hopefully we can turn over a new leaf and start a new chapter."
Amid their drama, Richards and her cast mate and sister Kim, along with Brandi Glanville, each came out to watch the now-eliminated Vanderpump compete on an episode of Dancing with the Stars.
"The night I was there, I thought she did great," gushed Richards. "I knew she wanted to do it for a long time, and she was having fun."
As for a future on ABC's hit show for herself? Not any time soon.
"My kids are still too little," Richards says. "Maybe one day when they're older, but I can't be giving that much time up."
The busy lady is also making use of her time with her Beverly Hills boutique, Kyle by Alene Too, and by contributing her ideas and wit to Clorox's Icktionary.