Wright is in shock after their dismal Capital One Cup defeat at Bradford City.
He told Absolute Radio: "It's one of those where I think that he should be worried about his future, but Russ at the same time if he wasn't worried about his future he wouldn't be human. The fact is something's got to give, the fans are livid.
"I wouldn't like to see him go, I'd like to see him bring people in that he's going to listen to. I personally don't feel that for that Steve Bould is getting as much of a hands on the steering wheel in respect of the training as much as people think. The reason why I'll say that and I'll make it clear now that I'm not speaking to Steve Bould, although he is a very dear friend and he's telling me anything you know what I mean out of class or out of school. The fact is the way the team are playing and that we've come from a manager that was defensive from the front to back, that team doesn't look like to me a team that is doing any defensive work at all.
"I just feel that Steve Bould could be a scapegoat in all of this, because for me, can I just enlarge on it, I feel Steve Bould comes in and the last seven years nothing's happened. The defence have been as poor as they've been in the last five, six years I've been watching them.
"All of a sudden if there's a massive change, I think that's an embarrassment to Arsène Wenger, if all of a sudden there's a change, because he's thinking why didn't this happen before? There's a lot of things happening at Arsenal that I think that people have got the right to know what's going on."
Listen to Ian Wright on Absolute Radio Rock n' Roll Football. Every Saturday from 5pm on 1215AM. For more visit, absoluteradio.co.uk/football