"After my debut show whilst still a player in 1997 and many more memorable years, I'll be stepping back from BBC MOTD at the end of this season," he wrote.
"I feel very privileged to have had such an incredible run on the most iconic football show in the world."
He noted that the decision to step down "has been coming for a while" but his birthday earlier this year "fast tracked it a little".
He added: "Ultimately it's time to do a few more different things with my Saturdays."
Wright made his debut on the programmed back in 1997 and following his retirement in 2000, he went on to become a regular pundit in 2002.
The former footballer was a presenter on the show from 2002 to 2008, and then returned in 2015.
MOTD's host, Gary Lineker shared his well wishes on X and wrote: "It has been an absolute pleasure and privilege to work alongside you, Ian. One of my favourite people on the planet. Farewell my friend."
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Head of BBC Sport Content Philip Bernie said: "Ian has been a wonderful star player on MOTD since his first appearance over 20 years ago. His insight, wit and warmth have richly entertained and informed all those watching him.
"We will miss his unique style and presence when he goes at the end of this season, but we will be sure to give him the send-off he deserves."
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