The Blues boasted a 10 point lead at the start of the month, leading Antonio Conte's side to be widely proclaimed as champions elect ahead of the run-in.
But Spurs have stuck to their task and chipped away at Chelsea's lead courtesy of seven consecutive top-flight victories.
Mauricio Pochettino's side are now just four points adrift of the pacesetters, having seen Chelsea lose two of their last four games, and Wright is adamant the momentum has turned in the north Londoners' favour.
"If Tottenham win their first league title since 1961, nobody could say they don’t deserve to be champions," Wright told the Sun.
"Everyone was resigned to it being a procession rather than a race when Chelsea kicked off this month with a ten-point lead at the top.
"But while everyone else chucked in the towel and handed the crown to the Blues, Spurs have refused to abandon the chase.
"Now they’ve hunted down their rivals’ lead to just four points — and all the momentum is in their favour.
"Everything about them impresses me; the players, manager, their attitude and the fantastic football they produce for their fans," he added.
Spurs face their capital rivals in the FA Cup semi-finals this weekend, with the outcome of the pair's clash at Wembley also set to impact the title race.
Harry Kane is convinced Spurs will land a significant physiological blow if they beat Chelsea for the second time this season.