India, who holds the hosting rights for the next Champions Trophy in 2021, were thrashed by Pakistan by 180 runs in the finals at The Oval last Sunday.
The event received huge response from the global audience as millions tuned in to catch the action of the stunning final in television.
However, Richardson said there is no guarantee that there will be another Champions Trophy in 2021 and the issue will be discussed during this week's ICC annual conference at The Oval.
"What we want to do is differentiate our global events from each other so that they can be standalone and create maximum interest every time the event happens," Richardson told reporters via telephone on the eve of the ICC's annual conference in London.
"At this stage, the next Champions Trophy is still scheduled for India in 2021. Whether that gets changed, the consideration has been given to changing to two T20s in a four-year cycle which would mean swapping the Champions Trophy for a World T20."
The ICC CEO said World T20s could involve up to 20 teams in future.
"The fact is that World T20s do attract a lot of interest, they generate significant revenue for television companies, but most importantly from our point of view they provide us with an opportunity to give opportunities to more teams.
"A 16-team World T20 even a 20-team World T20 down the line is something that we would like to look at. With a 10-team World Cup we're hoping to increase the competitiveness of matches and the standard of the tournament as a whole. "It might not be necessary to continue with two 50-over tournaments going forward," he added.