In his column for The Sun, Wright wrote: "It has been unthinkable for so many years but Roy Hodgson and his team could easily find themselves in a relegation scrap all season.
"Too good to go down? There is no such thing these days!
"My worry is that since they finished second in the league just 17 months ago they have been in freefall.
"And they only need to look along the M62 at what happened to Leeds to know what can happen to a club with financial problems once that downward spiral starts.
"Certain other players have been below their best for too long and it's time some of them had a good long look in the mirror. Time and time again we've seen them get Liverpool out of jail with a piece of magic, but for now the magic has run out."