Former England boss Hodgson is back at his hometown club where he started his career as an academy player.
At 70-years-old Hodgson becomes the oldest manager to land a Premier League job.
It follows Crystal Palace's decision to sack Dutch legend Frank de Boer after just four games - a new record which has invited criticism from across football.
De Boer paid the price for overseeing a dreadful start which also saw the South Londoners record another unwelcome statistic of being the first club to failed to score in the first four matches since 1925.
"It's blatantly obvious to everybody who's on the outside looking in that it is very unfair, of course it is," Wright told The Debate.
"I personally would be devastated and he's probably devastated.
"They're taking a massive chance (appointing Hodgson) that's for sure especially with the games that are coming up.
"He's going to have to hit the ground running because the first thing people are going to say is 'So if he loses these four are they going to sack him as well?' because they've set a precedent.
"They need to get a result against Southampton."
Wright makes a salient point given the daunting fixture list which greets Hodgson.
After Southampton the Eagles face consecutive away games against Manchester City and Manchester United before a home game against champions Chelsea.
Lose to the Saints and things would really start to look bleak for the South Londoners.