Wright, who scored 184 for Arsenal in a seven-year stay in North London, expressed concerns that the Emirates Stadium side were struggling to hold onto their best players, although he insisted he was not entirely worried by the departure of French full-back Gael Clichy.
"Gael Clichy's move to Manchester City wouldn't bother me much in normal circumstances," Wright said in his column in The Sun. "I'm not that fussed by it on an individual basis as Kieran Gibbs is coming through nicely. But now it looks like Samir Nasri is set to join him.
"Since when did Arsenal become Manchester City's feeder club? And with Cesc Fabregas looking a goner to Barcelona too, it's very, very sad to see. How on earth will Arsene Wenger attract any top players to Arsenal? It's come to something when a player like Clichy feels Arsenal is not good enough for him anymore."
Wright is adamant that the Gunners' squad is rich with talent, but was also critical of Arsene Wenger's transfer policy, insisting that the Frenchman should be doing more to strengthen his side by bringing in one or two star names.
"Nicklas Bendtner, Fabregas, Robin van Persie, Clichy, are all good players but Arsenal should be courting the star players before they move to other big clubs. But they're nowhere to be seen.
"What's Wenger doing? I see the Gervinho deal looks close to being finalised. He might be good, fingers crossed. Well I'm sorry but fingers crossed doesn't work anymore. It hasn't worked for six years since the Gunners last won a trophy."
Despite his criticisms, Wright still believes Wenger is the man to take Arsenal forwards, but the former England striker isn't optimistic for the Gunners' title chances in 2012.
"Wenger is still the right man for the job but he needs proper backing and I do feel that sometimes he needs a good shaking.
"Right now, I can't see Arsenal challenging for the Premier League title next season, which is seriously depressing in July!"
