Wright began his career with the Suns in 2015 after being selected with the eighth pick of the 2014 draft, however, after just 66 games across six seasons, the Victorian returned home during the 2020 trade period.
While Wright's first season as a Don saw him average 1.38 goals per game, the Calder Cannons product took off during his second campaign in red and black, slotting 53 goals from 22 starts.
Wright's rise saw him earn club champion honours, as well as claiming Essendon's leading goalscorer gong.
Speaking within a club statement on Friday morning, Wright claimed he was both "grateful" and "excited" about the prospect of continuing his career as a Bomber.
“I've loved my time so far at the Bombers and am extremely grateful to the club for the opportunity,” Wright said.
“I am especially grateful for the time both players and coaches have put in to help me continue to develop as a player and a person at the club.
“I'm very excited about the direction that Brad is taking us, and this Sunday is a great opportunity to take the first step and put into practice the work we have done over the pre-season.
“We've got a young and exciting list that I am excited to build and grow with. But we know there is a lot of hard work ahead for us to ensure that we get where we aspire to be. I'm looking forward to that challenge.”
Bombers list boss Adrian Dodoro expressed that Wright remains a "long-term player" for the club during its rise back to prominence.
“Pete is a very important part of our side. He provides a fantastic target up forward, with strong marking and goalkicking ability,” Dodoro said.
“He is extremely dedicated and has excellent work ethic. Pete is constantly striving to improve, evident in his growth over the past two years.
“At 26 years of age, Pete is a long-term player for our club who will play a key role in this young group moving forward in the years to come.”
Wright will start his 2023 season when the Bombers do battle with Hawthorn at the MCG on Sunday afternoon.