Per the club, Richards has now become their third vice-president along with Bull and Robert Plant.
Executive chairman Jeff Shi said: Throughout my time at the club, John has always been a big and positive presence his love for the football club is always visible and we're delighted that we're now going to be working with him even closer in the future.
What John did as a player, bringing trophies to Wolverhampton, will forever stand in the history books and he's both an inspiration and reference for the current players. Being able to honor a true Wolves legend and have that presence and knowledge around Compton and Molineux on a regular basis will be a big positive."
New Wolves vice-president Richards said: I consider it to be a great honor. I've been involved with Wolves on and off for the best part of 55 years, so I'm happy to represent the club further. I'm really pleased about it all. Wolves are a massive part of my life and vice versa. I've lived in my house for over 40 years now, so my home is Wolverhampton.
I already have a lot of involvement with the club through the Foundation and commercial side, and we do a lot of work with the former players and various community groups. It's a continuation of what I already do, but a bit more formalized.
There's a connection with the former players and the club. When I was invited to be a non-executive director in 1995, it was following Billy Wright's death, and Billy had had a similar position at the club. This is keeping a connection between former players and the history of the club, so it's a great honor, and following the footsteps of Ron Flowers even more so."