The Gunners were hammered by their London rivals at Stamford Bridge, and Wright believes that the reverse leaves Arsene Wenger's side with no hope of clinching the title.
He told BT Sport: "I would say [their title is over] yes. When you look at it, you can't be losing to your rivals six [to Manchester City], five [to Liverpool] and then six again.
"The most disappointing thing is the way they have capitulated, after the first two goals, you keep it tight and it didn't happen, and it's the manner in which it has fallen away which is the most disappointing.
"Look at the fans, the way they have cheered them off at the end, they have been unbelievable."
Chelsea are now seven points clear at the top of the Premier League.