Wenger is facing one of the toughest spells of his 16 years at the Arsenal helm following the shock Capital One Cup penalty shoot-out defeat at League Two Bradford on Tuesday night and inconsistent Premier League form.
The Gunners have not won a trophy since the FA Cup in 2005 and Wright says Wenger's supporters are "deluded."
Wright told Absolute Radio: "I wouldn't say 'surely he has to go', but it is a unique position he's in because I think any manager in any country in any world with a record like this and no prospects of light at the end of the tunnel, they would've been gone.
"People are holding onto the fact to what Arsene has done, and people are saying he is going to tarnish what he has done, but I don't think that will ever happen.
"I feel there are a lot of deluded Arsenal fans who are out in the wilderness still saying 'in Arsene we trust' and stuff like that.
"You hear him doing interviews afterwards saying, 'I have got a great team with a great spirit', but we are not seeing that.
"He does not tell the truth for me, he does not say what is happening. What is going on? Have you got any money to spend or haven't you? Is it the fact the board are giving you the money and you are not spending?
"Is that too hard a question to answer for Arsenal?"
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