Per NFL Network's Tom Pelissero, the Vikings are expected to waive the former first-round pick as part of final roster cutdowns.
Wright was expected to competed for a spot as the slot receiver after signing a one-year deal with the Vikings in March.
Pelissero noted Minnesota was encouraged by Laquon Treadwell's strong preseason, which will allow them to use Adam Thielen in the slot more often during the season.
After being drafted 20th overall by the Tennessee Titans in 2012, Wright's career got off to a promising start. He had 1,079 receiving yards in his second season, but hasn't had more than 715 in each of the past four years.
Wright spent last season with the Chicago Bears. The 28-year-old led the team with 91 targets, 59 receptions and 614 receiving yards.