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Daily Telegraph newspaper reported that Arsene position would be reviewed at the end of the season but said that Monaco manager Leonardo Jardim and former captain Mikel Arteta were among replacements being considered.
The Sun said Celtic boss Brendan Rodgers, Arteta and Germany head coach Joachim Loew were at the head of a seven-man list.
Henry, 40, who is a member of Belgium’s coaching staff, said after the Wembley defeat on Sunday that it would be a “dream” for him to manage Arsenal one day.
But Wright urged caution over appointing the man who overtook him as the club’s all-time leading goalscorer.
“Arsenal are not in a position where they can go from someone like Arsene Wenger, who we love so much, yet who you mention to some people in the fan base and their faces screw up.
“They are so angry. I would not want that to happen to Thierry, because he has taken the job straight after Wenger.”