Walcott, is expected to seal a £25million move to Everton today.
The 28-year-old underwent a medical at the Toffees’ training complex at Finch Farm.
Wenger has come under pressure after a series of poor results, including the shock FA Cup exit to Nottingham Forest earlier this month.
With signs of discontent growing at the Gunners, Wenger and his men could miss out on a top-four finish this season.
And Arsenal legend-turned-pundit Wright thinks Walcott has been held back by Wenger.
“Theo has been there 12 years – how much has he improved?,” Wright told Sky Sports’ The Debate.
“The talk is that Arsene Wenger doesn’t improve players.
“Theo is the same player as when he joined, he’s just older.
“He’s not learnt a particular trait, he’s just blasting on his pace.
“He’s somebody who could’ve been taught how to play the central striking role.
“Look at Raheem Sterling – and how much he has changed for having a coach that has taught him to play that position.
“I don’t think that Theo has had that schooling.
“I hope he goes to Everton and has a few years where he can play continuously.”
Walcott scored 108 goals in 397 appearances for the Gunners.