The north London club’s Champions League hopes suffered a hammer blow on Monday night when they suffered a 2-0 defeat to Newcastle United at St. James’ Park.
Arsenal were poor on the night and Tottenham now only need a point on the final day of the season to finish fourth and get back into the Champions League next season.
However, Wright stressed that Arsenal should not be too disappointed as competing for a top-four spot this season has already been an overachievement for them given the state of their squad.
He insisted that Arsenal lack the experience and the required quality to compete for a top-four spot and the weaknesses have been laid bare for all to see during the final stretch of the season.
The Arsenal legend said on Premier League TV post match: “If we are going to be totally honest, we kind of overachieved getting in there.
“There are teams who should be doing a lot better than us with the squads they have got and Tottenham have shown that even in an indifferent season they have got fourth.
“We have got a very young squad, Mikel has done brilliantly with them but what we have seen is that there is not enough experience, not enough signings for them to perform and win games at this stage of the season.
“We didn’t have the quality, we didn’t have the experience to do it and I have said from the start of the season, sixth place would be good for us with what we have been doing.
“Fourth? I don’t think they should be too disappointed because I think it was a little bit out of reach and in the last few games, especially the Palace, the Brighton and Southampton results, proved that we are not ready for that level yet.
“We shouldn’t be too disappointed because I still think it’s a good season.”
Despite wins over Manchester United, Chelsea and West Ham in the run, Arsenal have lost four of their last seven league games.
