Arsenal drew 2-2 with Paris Saint-Germain on Wednesday.
The Gunners took on Paris Saint-Germain at the Emirates Stadium on Wednesday looking to secure first place in their group.
They failed to do that, though, putting in a disappointing performance overall in the eventual 2-2 draw.
It means the Gunners now face the prospect of meeting one of the bigger sides in the last 16 of the competition yet again.
And when asked what the chances are of Arsenal winning the Champions League, Wright was not enthusiastic in his answer.
"Something is going to have to change and change drastically in the team. Three or four players have got to really kick in,” he told BT Sport.
"But you can't say that judging Arsenal's last three performances (draws against Tottenham, Manchester United and PSG) you can see a team that can win the Champions League - not for me, unfortunately."
There is no denying that this result was a disappointing one for Arsenal and one they are likely to rue for some time.
They now face the prospect of meeting one of the bigger teams in the last sixteen once again; something that has become a regular occurrence over the years.
Arsenal have not gone further than that stage in each of the last six years and it looks extremely likely they will make it seven this year unless the drastic improvement Wright talks of is found.