The Gunners signed Torreira in a £26m deal from Serie A outfit Sampdoria last week to improve Unai Emery’s options in the midfield.
Arsenal were tracking the Uruguay international throughout his impressive performances in the World Cup.
Torreira earned rave reviews for his performances at the World Cup following Uruguay’s run to the quarter-finals in Russia.
The 23-year-old was hailed for his performance in Uruguay’s 2-1 win over Portugal in the round of 16 after he marked Cristiano Ronaldo.
The Gunners managed to see off competition to sign Torreira as the South American became their fourth summer signing.
Torreira will be tasked with competing for a starting spot alongside Granit Xhaka, Aaron Ramsey and Mohamed Elneny next term.
Former Arsenal striker Wright is hopeful that Torreira can be the answer to the north London side’s problems in central midfield.
“Torreira is a fantastic player,” Wright told Sky Sports’ The Debate.
“You are hoping he can be the holding midfielder that Arsenal have needed for many years.”
Arsenal have also signed Juventus defender Stephan Lichtsteiner, Bayer Leverkusen goalkeeper Bernd Leno, Lorient teenager Matteo Guendouzi and Borussia Dortmund defender Sokratis Papastathopoulos in a busy summer transfer window.
The Gunners will start the new Premier League season with a home clash against defending champions Manchester City at The Emirates on Sunday afternoon.
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