This corresponds to a Steiner's Porism configuration with n = 4, however the trouble I'm having is that while it is easy to construct an n = 4 Steiner's Porism configuration (see second image below), I don't know what the circle of inversion would be that would invert it into the desired instantiation.
I was able to do some eyeballing (together with some observations such as that the outer 3 circles must be centered on the radical axes of pairs of the inner circles), using the excellent geometry software C.a.R. to snap to intersections, to construct an approximate diagram below, from which I was also able (approximately) to construct the circle of inversion $\omega$ (shown in red).
In black is shown the configuration as described, while in green are shown 4 of the 'regular 4-gon' figure resulting from inversion in $\omega$ (inner and outer concentric circles and two of the four congruent circles).
While the fact that this inversion works (again, approximately) shows that my eyeballing construction is reasonably close, I still would not know how to precisely construct $\omega$ directly from the regular 4-gon version of the n=4 configuration.
Also shown in light blue is a mid circle $\mu$ between two of the opposite circles in black of the described configuration.

This is problem 5.8.3 in Geometry Revisited (by Coxeter and Greitzer).

Here is an analytical solution for finding the appropriate inversion center:
Let $R$ be the radius of the four congruent circles in Steiner's Porism configuration with n = 4. (Then the small circle in the center has radius R($\sqrt2 -1)$ while the outer circle has radius $R(\sqrt2+1)$.)
We are looking for a center of inversion along a line through the center of the Porism configuration which is also a tangent to each of the 4 congruent circles (i.e. the line is inclined to the horizontal by 45° in the above figure). Because of symmetry such an inversion will generate two pairs of congruent circles from the 4 congruent circles. If the center circle is transformed to a circle congruent to one of the pairs, the outer circle will be transformed to a circle congruent to the other pair.
Let $x$ be the distance of the inversion center from the configuration center. Then the distance of the inversion center to 4 congruent circles' center will be $\sqrt{(x\pm R)^2+R^2}$. The radius of a circle at distance $d$ from the inversion center (with a unit inversion circle) is transformed from $r$ to $\frac{r}{d^2-r^2}$ by inversion. Hence the radii of the 4 congruent circles will be transformed to $\frac{R}{(x\pm R)^2}$. The radius of the center circle will be $\frac{R(\sqrt2-1)}{x^2-R^2(\sqrt2-1)^2}$ after the inversion.
To make the inverted center circle congruent to one pair of already congruent circles we solve
$\frac{R}{(x + R)^2} = \frac{R(\sqrt2-1)}{x^2-R^2(\sqrt2-1)^2}$
for $x$, which gives the two valid solutions $R\frac{1\pm \sqrt3}{\sqrt2}$. Such a distance can, of course, now also be constructed.