Dunk has been in excellent form for the Seagulls this season and, with Shane Duffy, received praise from former Liverpool defender Jamie Carragher after Brighton's 3-0 victory at West Ham on Friday.
England entertain Germany and Brazil in friendlies at Wembley next month and reports suggest Gareth Southgate will include Dunk in the squad.
Speaking on BBC 5 live Sport, Wright - who scored 185 goals for the Gunners - said: "They're starting to talk about Dunk as someone who could maybe, if he carries on what he's been doing, be an inclusion.
"It's not something I'd be too adverse to because I've seen him and haven't seen anyone block as much. The last person was Martin Keown, who's come up (through the leagues) and really been impressive. Of course there's John Terry as well."
Oddschecker announced this week Dunk has received the most bets in the last seven days to make the England World Cup squad. He was available at 33/1 but now is done to 2/1 with one bookmaker.
Oddschecker spokesman, George Elek, said: "Brighton's defensive record has been the key to their 12th placed start to life in the Premier League, and Dunk's good form in the Championship has translated to the top tier. That one bookie has cut to 2/1 suggests that he has a real chance of going to Russia, and the 16s that is still knocking around therefore looks like great value."