Burnley and West Ham have both had £10million bids accepted for the Scottish winger, while Middlesbrough are also set to match the Tigers' valuation.
Snodgrass has been in outstanding form this season and, with Hull deep in relegation trouble, Wright fails to see the club's reasoning behind the sale of their nine-goal top scorer.
"It does seem like a suicidal act because when you look at their stats, he's behind everything," said the former Arsenal and England star.
"They need Snodgrass to create because I literally cannot see who else is going to do it.