The current interim boss replaced Fabio Capello, who departed in February following a dispute over John Terry's captaincy.
Richards, who worked under Pearce during his stint at Eastlands, is worried that his former boss will not get a fair crack of the whip if he take on the role too soon.
"I do want to see Pearce there, but I don't want him to take it too soon and not be given a fair chance," ESPN quotes the 23-year-old as saying.
"I'd rather him keep with the Under-21s and keep progressing there. Eventually he will be the right man for the job.''
Richards has earned 13 England caps.