To determine the tendency of substances to act as reducing agents, we compare their standard reduction potentials \((E^\circ)\).
A stronger reducing agent has a more negative standard reduction potential, because it more readily loses electrons.
The more negative the value of \(E^\circ\), the greater the tendency of the substance to act as a reducing agent.
Ordering the substances from most negative to most positive \(E^\circ\):
\[ \mathrm{Al} > \mathrm{Cr} > \mathrm{Fe^{2+}} > \mathrm{Co^{2+}} \]
\[ \boxed{\mathrm{Al} > \mathrm{Cr} > \mathrm{Fe^{2+}} > \mathrm{Co^{2+}}} \]
This corresponds to Option C.