Ledley and his advisors received the terms just over a week ago as Cardiff look to bring a positive conclusion to the long-running saga, with the midfielder said to be 'happy to talk'.
Ridsdale also admitted there is a clause included in the contract which would allow the Wales international to speak to an interested Premier League club should the right offer come in while Cardiff are in the Championship.
Speaking at a fans meeting in Merthyr Tydfil, Ridsdale said: "Joe is mixed in his emotions. He wants to play Premier League and I don't blame him for that. It's the only place to be and I am desperate to get Cardiff City there.
"I have put to Joe Ledley a four-year contract which probably, as near as damn it, doubles his wages and does have an escape clause if a Premier League club comes in with the right offer.
"If Cardiff City are in the Premier League, that clause would be null and void. If we weren't in the Premier League, that clause would stand. We have not had a response from Joe or his advisors yet but I am told he is happy to talk."