Previous boss Ricardo Zielinski resigned from his position at the Argentine Primera Division club after their defeat against Colon.
Now, the Argentina national team's legend Tevez is expected to take the reins.
The 39-year-old has already asked for three signings to complete the squad, according to reports in Argentina.
He will also lead training from Tuesday afternoon.
The Buenos Aires club is the second managerial job former West Ham, Manchester United and Manchester City star Tevez has had in his career.
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Shortly after retiring from playing football in 2022, Tevez took his first job in the Argentine Primera Division.
The former Red Devils loanee led Rosario Central to a 20th place finish out of the 28 sides in the league.
He then resigned just five months after he took the job with a record of six wins, 11 draws and seven defeats in 24 games.
Tevez said the club's presidential elections were the key reasons for his departure.
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"I don't come to do politics and when my name is put in politics I didn't like it," he said.
"I don't want to be involved, that's why I'm stepping aside."
Tevez won the Premier League with Man United twice in 2008 and 2009 as well as the Champions League.
He later played for Man City, winning the league in 2012, as well as the FA Cup before leaving to play for Juventus.