The book, Gus & Me: The Story of My Granddad and My First Guitar, will be an autobiographical book based on Richards' own childhood. His grandfather, Theodore "Gus" Dupree, was a musician in a jazz big band, and Richards' daughter, who will illustrate the book, was named after him.
Theodora is one of Richards' four living children, and he is grandfather to five.
"The bond, the special bond, between kids and grandparents is unique and should be treasured," the musician said. "This is a story of one of those magical moments. May I be as great a grandfather as Gus was to me."
"My immediate instinct was to say yes [to the project], and I am so happy I did," added Theodora. "To be able to explore my father's relationship with his grandfather was a gift in itself. The things that I've learned during this whole process have just been life affirming."
The picture book was co-written with Barnaby Harris and Bill Shapiro, and will be Richards' second published work. He previously released his memoir, Life, in 2010.
Gus & Me, published by Little, Brown Books for Young Readers, is set for release on September 9 of this year.