The England international has been an integral part of Arsenal since joining from Southampton 11 years ago, winning the FA Cup three times. However, his impact has faded recently and Wright believes it's time for the forward to switch teams and reignite his career.
"I think so, for (his own) sake," Wright told Sky Sports when asked if Walcott should move on. "I'm not sure where he can go now with Arsenal and he's only playing in the Carabao Cup and the Europa League.
"He'll want to finish on a high in respect of what he's doing, he's given Arsenal great service in the time he's been there and for me he should move on for himself."
Wright's fellow pundit and Derby County striker Darren Bent also backed the move saying Walcott would benefit from a fresh start.
"The freshness of a move somewhere else might be perfect for him," Bent said. "He's been there for a long, long time now and I'm not quite sure how much more he can improve while he's there.
"But you never know, sometimes you can go somewhere else with new surroundings and, all of a sudden, you can kick on again. Maybe that's what he needs."
Arsenal, who are fifth in the league, host Swansea City on Saturday.
(Reporting by Aditi Prakash in Bengaluru; Editing by Christian Radnedge)
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