The incident happened in the outskirts of Argentina's capital city, Buenos Aires, at around 07.00 local time when Segundo Tevez's car was hijacked, Argentine newspaper La Nacion claims.
The offenders contacted Tevez's family and made an initial demand that was much lower than a second request for ransom a short while later.
Police investigated the incident and Tevez travelled to his home country to help deal with the matter.
"[Segundo] was kidnapped at almost eight in the morning," an official statement from police confirmed. "His family called 911 and the public prosecutor, Stornelli, started working with the corresponding division of the police.
"The first thing we do is protect the victim's physical integrity. The release was nearby Fuerte Apache [the shanty town in which Tevez lived when he was young]. Tevez's father is shaken but he is OK - I've talked with him."
Tevez is believed to be back in Turin following the ordeal but has been left out of Wednesday's friendly against Cesena.
He tweeted later on Tuesday: "Thanks to everybody for the support. My father is fine, healthy and safe. That is the most important thing".
Tevez's biological father died during the footballer's childhood. Segundo is in fact the husband of Tevez's aunt, who raised him after he was abandoned by his parents at an early age.