Richards won 83 per cent of the votes in a Leicester Mercury poll to claim the final place ahead of Garry Adey, Martin Corry and Tom Bleasdale.
A talismanic presence in the Tigers back row, Richards made 314 appearances for the club between 1982 and 1997, when cries of ‘Deano Deano’ from the terraces became a feature of Leicester matchdays.
A league title winner in 1988 and again as captain in 1995, he also gained 48 England caps (a world record for a No8 at the time) and played six Tests for the Lions before becoming director of rugby, winning seven trophies in four years, including back-to-back Heineken Cups.
After spending 23 years at Welford Road, Richards had a spell at Grenoble in France and is now director of rugby at Harlequins.
"I'm delighted and honoured, it's fantastic,” Richards said of his position in the Walk of Legends.
“I had 23 wonderful years at Leicester and I was very fortunate to play in some great teams and alongside some incredible people.
"I am delighted to be named in the Legends team, and I'd like to thank all the supporters. I had a great rapport with them during my time at Leicester and many are still friends."
Richards completes the Walk of Legends XV, alongside Dusty Hare, Rory Underwood, Sir Clive Woodward, Paul Dodge, John Duggan, Bleddyn Jones, Austin Healey, Graham Rowntree, Peter Wheeler, Steve Redfern, Martin Johnson, Matt Poole, Graham Willars and David Matthews.
But there is still plenty of space for supporters to join their favourite players in the Walk of Legends on the approach to the new Caterpillar Stand.
Buy an exclusive engraved commemorative brick, add a name or personal message, and see it set alongside the names of your favourite players from more than 120 years of Tigers history.
Include a birthday, an anniversary, a favourite Tigers moment, or even your seat number in the stadium. Personalise the message however you wish.
Or buy a place in the Walk of Legends for a friend or relative as a perfect gift for a Tigers supporter. We can also supply a replica to keep at home.
Prices are from £44.95 for a single brick or £79.95 for a double brick.
To download an order form for a Walk of Legends commemorative brick, click here