United boss Jose Mourinho has largely stood by Sanchez but in Saturday’s 1-1 draw with Wolves, Sanchez was hauled off after 63 minutes in the second half.
Sanchez is understood to be the highest paid player in the Premier League on £391,000-a-week wages.
And Wright believes the United hierarchy will face a decision soon on Sanchez.
"If I was a businessman, I'd see how it goes for the rest of the season then look to offload," Wright told 5 live's Monday Night Club.
Alexis Sanchez has struggled for goals at Man Utd (Image: PA)
"It's because of the wages he's on.
"For me, right now, if United had paid money for him they'd be thinking: 'How are we going to get that back?'
"Sanchez will have to take a hit on his weekly wage [if he joins another club].
“Nobody will pay a fee for him, because of the way he's playing.
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Alexis Sanchez was hauled off by Jose Mourinho against Wolves (Image: PA)
"He does not warrant a place in the team when you have Martial and Marcus Rashford waiting to play.
"You look at him at United - he's not shackled, he's got freedom.
“His form will have to kick in to justify a place."
United face Derby in the Carabao Cup on Tuesday and Sanchez could be involved if Mourinho looks to restore confidence in the attacker.