He is followed by Capital Breakfast host Roman Kemp (9/2) and former England rugby union player James Haskell with 5/1 odds.
Reality TV star and Caitlyn Jenner is next on the list, with odds of 7/1.
Comedian Andrew Maxwell is currently trailing behind with 16/1 odds, as is BBC Radio 1 DJ Adele Roberts (16/1).
Speaking about his reasons for going on the show, Wright revealed he was spurred on by last year's winner Harry Redknapp.
He said: "Harry and I play golf together, and we spoke about it. He had a really great time, it was a fantastic thing for him to do and he is still talking about it to this day.
"Now it does appeal to me at this particular time. I like the vibe, it is a really cool show and I am really intrigued."
Rupert Adams, spokesman for William Hill, said: “Ian Wright is the standout favourite, he was always calm and composed in front of goal and we expect him to be the same here.
“Big money signing Caitlyn Jenner will probably have no idea what she has signed up for and could be the first to walk."
Here are the latest odds in full:
Ian Wright 2/1
Roman Kemp 9/2
James Haskell 5/1
Caitlyn Jenner 7/1
Myles Stephenson 8/1
Nadine Coyle 9/1
Jacqueline Jossa 12/1
Kate Garraway 12/1
Adele Roberts 16/1
Andrew Maxwell 16/1
I'm A Celebrity will return to ITV on November 17 at 9pm and is expected to run for the normal duration of three weeks.
It will be hosted by Ant McPartlin and Declan Donnelly, while Joel Dommett, Emily Atack and Adam Thomas will host spinoff show I'm A Celebrity: Extra Camp.