The Northern Ireland youth international, who made his senior debut for the club in a pre-season friendly against Port Vale, is looking for a new career in football after being advised to quit playing the game following medical checks.
Wright first suffered chest pains during an Academy trip to Sweden last month, and although he was given the green light to carry on playing after initial tests, the discomfort returned and a second ECG revealed a risk of cardiac arrest.
The teenager told the club's official website: "It's just too dangerous if I was to get hit in the chest.
"As much as football has been so important, I'm glad to have found out this way rather than the hard way.
"The gaffer [Mick McCarthy] said last week that you do want to give your life to football, but you don't want to give your life to it literally.
"It's disappointing, but you have to realise that there is more to life than football."
Wright is now hoping to launch a career in coaching as he comes to terms with the news.
He said: "I was devastated and it's hard to take in. It will take time to get used to it, but just being around friends and family will help me get my head around it and get back on track.
"My parents came over as soon as they heard, and I think they were as shocked as I was.
"It could have been a lot worse and they could have had a much different phone call.
"It's been a bit of a difficult time, but at the same time, I realise I'm still lucky to be here and have got a chance to try and get things sorted out.
"With modern medicine, I should be able to still exercise at a level and I can maybe go into fitness coaching or something in that area.
"I still want to remain in football and maybe go home and coach if I can.
"My old club at home, Glenavon, have said I can go in and coach their Academy and that they will also be there to support me."