Richards has remained largely out of the spotlight since suffering a breakdown in 2006 after he was filmed hurling racist remarks at a group of fans during a stand-up routine in Los Angeles.
He is now preparing to make a comeback in a new show called Giant Baby with former Cheers stars Alley and Perlman.
In the series, Alley will play a fictional Broadway star who reconnects with her long-lost son after the death of his adopted mother, while Perlman will portray her assistant and Richards will appear as her limo driver.
Actor Danny Woodburn, who appeared alongside Richards in Seinfeld, insists his former colleague deserves to be given another chance, telling the New York Post, "He's a nice guy, he's a sweet guy, he's a comedian who had a bad night. He's not that (a racist)."
Giant Baby will mark Richards' first regular TV role since his short-lived sitcom The Michael Richards Show which ran for only eight episodes in 2000.
He recently reunited with Jerry Seinfeld and Larry David for a new web comedy show called Comedians In Cars Getting Coffee.