Wright will be special advisor to Mets chief operating officer Jeff Wilpon and general manager Brodie Van Wagenen.
"I again want to thank the Wilpon and Katz families for everything they have done for myself and my family," the third baseman said in a statement. "I will always be tremendously grateful for the way the fans treated me because playing in this city and for this team was a dream come true."
During the past four seasons, Wright, 36, has been sidelined for significant periods of time by injuries, including spinal stenosis as well as neck and shoulder problems.
He played his final game for the Mets on Sept. 29. But his contract runs through 2020, and he was owed $27 million over the next two seasons. The Mets and Wright mutually agreed to his release from the current roster.
He was drafted by the Mets in 2001 and played his entire career with the team. Wright is the club's career leader in hits, RBIs and runs, and for years he had been the face of the franchise.
He left to a long standing ovation at Citi Field during his final game. Fans chanted his name and cheered for about 3 minutes, 15 seconds, and Wright saluted them by touching the bill of his cap and patting his chest repeatedly. He went down the line and hugged all his teammates just in front of the Mets dugout.
Wright finished his major league career with a .296 average, 242 home runs and 970 RBIs.