Large groups of supporters called for the Frenchman to end his 20-year tenure last season, but he signed a new two-year contract instead.
The 2017-18 campaign has got off to a miserable start following just one win in their first three games, the most recent of which was a humiliating 4-0 loss to Liverpool.
The results and performances from the players has caused Wright to seriously question Wenger’s position at the club.
The pundit told BBC Radio 5 Live: “Where do we start? The amount of things that are going wrong, it does come back to Arsene Wenger’s door. We are three games in and we are literally at crisis point. We’re losing players.
“When you say, ‘Do I think he should go?’ I would like him to go simply because I do not believe now that Arsene Wenger can motivate those players with everything that’s going on above him.
“The way the players are performing on the pitch, for him to turn this around, for himself, for his own sanity. We are three games in and it’s already an absolute nightmare.”
Meanwhile, reports have claimed that Arsenal have accepted a £35m offer from Chelsea for Alex Oxlade-Chamberlain.