Wenger was tipped to leave the Emirates Stadium at the end of last season after a difficult 2016-17 campaign saw the London club miss out on Champions League football for the first time under the Frenchman's leadership.
The 67-year-old ultimately signed a new two-year contract with Arsenal, but the Gunners have lost two of their first three Premier League games of the new season - including a 4-0 defeat at Liverpool on Sunday afternoon.
Wright has admitted that 'it is horrible' to watch Wenger's struggles as the experienced manager comes under increasing pressure from the club's supporters.
"Watching him [Arsene Wenger] now is like watching Muhammad Ali-Larry Holmes," Wright told Sky Sports News.
"You're watching Muhammad Ali, one of the greatest ever, getting beat up. It was horrible, it was uncomfortable, you don't want to see that. This is what is happening with Arsene Wenger. He ain't got anyone to throw the towel in for him."