The highly-rated 19-year-old is impressing many within the youth set-up at Rangers, and was given a new contract at the start of the year by the Gers while on loan with Albion Rovers. He has 12 months remaining on his current deal.
Wright made 12 appearances in League One last season, conceding 22 goals and managing only one clean sheet as Albion finished rock bottom of the division and were relegated into the fourth tier.
Now, Wright will be hoping to help Raith achieve promotion after missing out on a place in the Scottish Championship last season by finishing only in second place. He confirmed the move on Twitter.
The Gers have an abundance of goalkeepers at Ibrox, with new signing Allan McGregor currently first choice and getting his second spell at Rangers off to a flyer with three clean sheets in his opening three games.
Wes Foderingham has been demoted to second choice, while Jak Alnwick remains third in the pecking order. Steven Gerrard also has Robby McCrorie and Wright to choose from, as well as a handful of other young stoppers.
Wright has joined Raith until December 2018, but could indeed remain at the club if he impressed between now and the end of the year.
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