Arsene Wenger's side find themselves in a difficult position in Group F with no points from two games after defeats to Dinamo Zagreb and Olympiakos, and a double header against leaders Bayern Munich looming.
Domestically, however, Arsenal are on sizzling form and currently sit in second place, two points behind early Premier League pace-setters Manchester City, following Sunday's 3-0 win at Watford.
Wright claims it would not necessarily be a disaster if his former club don't make it out of their Champions League group, as it would give them an advantage of their domestic title rivals.
"We all saw with Liverpool a couple of seasons ago how not being in Europe at all can really boost your chances," Wright wrote in his column for The Sun.
"Playing a day later than most of your rivals means you're playing catch-up all the time - and then there is all the travel and demands of the European games themselves.
"If winning the Premier League comes at the expense of no European football at all, I'll take it every day of the week."
Arsenal host Bayern at the Emirates Stadium on Tuesday, before they resume domestic action at home to Everton on Saturday.
They sit second on the Premier League table with 19 points from nine games, two points behind leaders Manchester City.
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