The Gunners are among the "top six" English sides that are set to break away from the existing structure of European club football to form their own league.
Arsenal would be a founding member of the ESL, and Wright believes the move flies in the face of everything the club stands for.
"I couldn't believe it when I saw Arsenal's name [mentioned]," he said on Twitter.
"This is the same Arsenal that only a couple of weeks ago was commended for the tribute to David Rocastle.
"God, the man would be turning in his grave knowing what is going on now."