The Gunners crashed to 2-0 reverse at the King Power on Saturday, with second-half goals from Jamie Vardy and James Maddison sending the Foxes to second on the Premier League table, at least overnight - nine points clear of their London opponents.
With Emery's side having failed to win any of their last five games, and only two of 10 league fixtures, Wright used social media to call for the Spanish manager to be sacked and suggested star strikers Pierre-Emerick Aubameyang and Alexandre Lacazette could leave the club if the situation doesn't change.
"One shot on target tonight!" Wright said on his Twitter account. "Two wins in 10 in the league. No definitive style or plan. Negative goal difference. No improvement in the defence. Not creating anything.
"Why would [Lacazette] or [Aubameyang] renew [their contracts?] Can't blame them!
"We have to make the tough decision Arsenal! It's not getting better!"
1 shot on target tonight!! 2 wins in 10 in the league. No definitive style or plan. Negative goal difference. No improvement in the defence. Not creating anything. Why would Laca or Auba renew? Can't blame them! We have to make the tough decision Arsenal! It's not getting better! pic.twitter.com/YYUYyOeUqu— Ian Wright (@IanWright0) November 9, 2019
Speaking post-match, Emery took responsibility for the defeat but insisted his team was improving at the back, despite the 2-0 scoreline.
“I know we are receiving criticism but I have done before and I have recovered," he said.
"I accept all the criticism. It is normal. Today we did one step ahead being better defensively."
Arsenal had the best opportunity to open the scoring in the first half as Lacazette managed to miss the target from six yards after taking the ball from Aubameyang.
Despite Leicester clearly having the ascendancy, Aubameyang did put the ball in the net from Sead Kolasinac's cross in the second half, but it was correctly ruled out for offside.
The Foxes were rewarded for their pressure in the 68th minute when Harvey Barnes' flick allowed Youri Tielemans to slide the ball to an unmarked Vardy, who finished as expected.
Seven minutes later the match was over as Vardy became provider for Maddison, whose shot beat Bernd Leno through the legs of Hector Bellerin.
Arsenal now sit in sixth position on the Premier League and could drop as low as seventh by the end of the weekend.