The Frenchman's contract runs out at the end of the season and many are linking him with the England manager's position.
However, the former Arsenal striker believes the long-serving manager should be given another three years in the job.
"I would give him another three years, simply because I think he's put a lot of faith into a lot of squads who have let him down miserably. So badly," Wright said on the BBC's 'Premier League Show'.
Wright also believes that Arsenal fans must be careful what they wish for, as Wenger has changed the image of the club, as they used to be seen as "boring".
"This is what I say to Arsenal fans. Be careful about how disrespectful you are to him because once he is gone you will realise, as much as it's been barren, he's taken the club global and changed the way people think about Arsenal," he added.
"The fact is they were still singing (boring, boring Arsenal) when we were playing just before Wenger came in".