The former forward has also questioned whether Arsenal have the squad strength to compete on multiple fronts, especially the Europa League.
The Gunners have made life tough for themselves in the competition this season, losing three of their five games so far.
While one of those was against Bayern Munich, the other two were to Dinamo Zagreb and Olympiacos.
Those two earlier defeats, against sides they were expected to defeat, have left their hopes of reaching the latter stages hanging by a thread.
And Wright says he can’t see them doing that, with the trip to Olympiacos looking especially tricky.
“I don’t think they will, I think it’s hard. We’ve got to beat Olympiacos over there and they’ve not done that before.”
The former forward also voiced his concerns about the Gunners squad depth this season.
The Gunners have been hit with a raft of injuries of late, with a number of first team players currently on the treatment table.
That has threatened to derail their potential title challenge this season, with their back up players currently not looking good enough to step up and replace the injured stars.
And Wright believes that the squad isn’t good enough to deal with a Europa League run and a Premier League title challenge at the same time.
“I think it’s going to be tough, I don’t know if Arsenal’s squad is strong enough to deal with a Europa League campaign, with the fact that they’re going for the Premier League,” he added.