Wright - having attended Archbishop Riordan High School in San Francisco - is a six-year veteran that was originally signed by Tampa Bay to five-year, $35.295 million deal. A year later the team acquired Darrelle Revis making him expendable.
The Buccaneers restructured Wright's contract to the tune of one-year, $1.5 million to accommodate Revis and their newly-signed safety Dashon Goldson.
Originally drafted in the second round (53rd overall) in 2007 by Cleveland. Wright also played a season for the Detroit Lions before moving on to Tampa Bay.
Wright adds yet another veteran presence to an already crowded group of cornerbacks. The team's top-five players at the position are all returning from 2012's NFC Championship team: Tarell Brown, Chris Culliver, Carlos Rogers, Tramaine Brock and Perrish Cox. The 49ers also inked veteran Nnamdi Asomugha to a non-guaranteed one-year deal to compete for job.
The 49ers reportedly had interest in Wright prior to him signing with the Buccaneers last season, but a deal never materialized.
At 27-years-old, Wright is five years younger than Rogers and $4 million cheaper this season.
But Wright only played in 10 games last season after getting suspended for violating the NFL's policy on performance enhancing drugs. In a statement Wright said, "This is a result of taking Adderall at the end of July for health issues I was experiencing...I am extremely disappointed that the suspension was upheld at my appeal."
In 85 games (81 starts) in his six seasons, Wright has 14 interceptions, 70 passes defended and three forced fumbles.
Earlier on Friday, the 49ers announced they had waived cornerback Lowell Rose to make room on the 90-man roster.
Wright's trade comes just a week after being arrested on suspicion of driving under the influence in Los Angeles July 12. He was charged with a misdemeanor and released the following day after posting $5,000 bond.
That charge came just over a year after facing similar a similar charge in Los Angeles after police responded to an injury accident near the Staples Center. According to the Los Angeles Times, Wright was taken to the LAPD's down Metropolitan Detention Center with $100,000 bail. Charges were eventually dismissed.
The Times also reported Wright transferred from the University of Southern California to the University of Nevada Las Vegas while facing potential disciplinary actions from the school for an arrest for suspicion of rape. Los Angeles county did not file chargers due to insufficient evidence. Police allegedly found 136 Ecstasy pills in his apartment, according to multiple reports.