The 35-year-old goalkeeper has extended his stay with the Premier League runners-up despite not making a first-team appearance after being signed on a free transfer last August
The 35-year-old served as the club's third-choice shot-stopper for the 2012-13 campaign after arriving on a free transfer from Championship club Ipswich Town.
And, despite having yet to make a first-team appearance for City in a competitive fixture, he has now extended his stay at the Etihad Stadium for another season.
Joe Hart is likely to remain as number one under Manuel Pellegrini next term, though the future of his understudy Costel Pantilimon is uncertain.
Wright made his debut as a professional with Ipswich in 1995, and has enjoyed spells with Everton, Arsenal and West Ham during an 18-year career in the game.
He has also been capped on two occasions by England, but has not been included in an international squad since 2003.