Tevez, 37, shocked Manchester United fans in 2009 as he left Old Trafford to complete a sensational move to cross-town rivals City.
The Argentine forward spent four years at City as he lifted both the Premier League title and FA Cup before leaving for Juventus in 2013.
Speaking on the Match of the Day Top 10 podcast, Richards praised Tevez for his ability to "link the play and play anywhere in the front three positions."
The 32-year-old former City right-back also insisted that Tevez edged out Aguero when it came to his overall ability on the pitch.
Richards told Alan Shearer and Gary Lineker on the podcast: "Oh, wow. What a player!
"For all-round ability, he is above Sergio Aguero, who is more of a natural goalscorer.
"Tevez had more to his game; he could link the play and play anywhere in the front three positions. He worked a lot harder than anyone else."
Aguero, meanwhile, has established a legendary career at City and is widely considered as one of the best Premier League strikers of all time.
The 32-year-old Argentine, who signed for City in 2011, is the club's all-time scorer and lifted four Premier League titles, an FA Cup and five League Cups during his time at the Etihad.
City chairman Khaldoon Al Mubarak has lauded the accomplishments of Aguero at the club and confirmed that a statue of him will be built outside of the Etihad to honour his legacy.
"Sergio's contribution to Manchester City over the last 10 years cannot be overstated," he told the club's website in March.
"His legend will be indelibly etched into the memories of everyone who loves the club and maybe even in those who simply love football.
"This is not yet the moment for farewell words and speeches.
"There is still much to achieve in the remainder of the time we have with Sergio, and we look forward to his contributions to the challenges which lay ahead.
"In the meantime, it gives me great pleasure to announce that we will be commissioning an artist to create a statue of Sergio to live at the Etihad Stadium alongside the ones under construction for Vincent [Kompany] and David [Silva].
"And we look forward to the opportunity to bid Sergio a fitting farewell at the end of the season."
Featured Image Credit: PA/Match of the Day Top 10
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