The England international, who is still amidst a contract dispute with the club, is keen to move more centrally from his usual right-wing position and Wright is of the belief that he would be much better suited as the main man once he adjusted to the role.
"I love Theo and have been saying for a long time that he should be playing as a striker," Wright told ESPN.
"Clearly he is not the finished article and could do with some more work from the Arsenal coaches, but Theo has all the ingredients to be a top striker.
"Wenger has been saying for a long time that he sees Theo developing into a striker, so give the guy a chance to prove he can do it. If it doesn't work, then fair enough, but it has to be worth a try.
"My hope is the fans get Theo's contract situation sorted and then he can get on with showing what he can do on the field. There are so many good things about this guy, but people always tend to focus on the negatives."