The 22-year-old, who has recently had his contract extended by another year with the Foxes, spent the entire season on loan with League One Cheltenham Town, as the Robins finished 15th in the table.
He played 37 games in total, scoring nine goals, finishing joint fourth in the most goal contributions for U23 players in the third tier.
Wright had been on loan with the Robins the previous campaign too, netting four times in 17 matches as Town won promotion from League Two as champions, following two goals for the Foxes U21s in their Checkatrade Trophy campaign.
The youngster had been signed by City for an undisclosed fee when aged 17 from Blackburn Rovers and had captained the Foxes U23s, impressing in the Premier League 2 fixtures.
He will now return to the King Power Stadium, with Gloucestershire Live reporting he could be on his way out again next term, with the Hatters one of the sides tipped to be interested.