Alves Caetano was re-elected to the post he has held since 2009 in a landslide victory, obtaining more than 75 percent of all votes.
Caetano praised Ricardo for bringing renewed vigour to the election campaign, while the hero of Euro 2004, where he scored the winning goal against England in a penalty shoot-out, opted not to comment following his defeat at the ballot boxes.
Ricardo, had last month confirmed he would be standing for the post of president of the Algarve Football Association
The former Sporting, Real Betis and Leicester City goalkeeper retired from professional football last December at the age of 39.