The Chile international has hit the ground running in the Premier League after his £35m move to The Emirates from Barcelona in July.
I can’t see Arsenal getting in the top four at the moment
The 25-year-old has scored 11 goals in 16 appearances in all competitions, as well as making three assists.
And former Arsenal striker Wright reckons the north London side would be struggling without their new signing.
“If it wasn’t for Sanchez, where would they be now?” said Wright on BBC Radio 5 live.
“They are mid-table without Alexis Sanchez.”
Wright, who helped Arsenal win their first Premier League title in 1998, reckons Arsene Wenger’s won’t finish in the top four for the first time in 18 years this season.
“I can’t see Arsenal getting in the top four at the moment,” added Wright.
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