Wright is accused of accepting a £5,000 cash "bung" from undercover Daily Telegraph reporters to help a fake Far East firm profit from the Championship club's transfer dealings.
The South Yorkshire club said in a statement: "Barnsley FC today terminated the contract of assistant head coach Tommy Wright with immediate effect.
"A meeting between the club and Mr Wright was held this morning attended by club chief executive Linton Brown. After considering Mr Wright’s response to allegations in today’s Daily Telegraph about breaching FA rules over player transfers, Mr Wright was dismissed.
"The club was unaware of such matters or involved in any wrongdoing. The club will continue to fully investigate the issues at hand and will co-operate with the regulatory authorities as necessary."
Wright was filmed by the Daily Telegraph newspaper apparently being given an envelope of money as part of discussions with the fictitious firm.
"I can just recommend players to you that I've gone and seen, and you will have to do your spicy dealing, whatever you do," Wright is filmed saying.
The revelations are part of the same "Football for Sale" sting which led to Sam Allardyce leaving his post as England manager after being accused of offering advice on how to circumvent Football Association rules on third party ownership.
I can just recommend players to you that I've gone and seen, and you will have to do your spicy dealing.
Former Chelsea striker and current Queens Park Rangers manager Jimmy Floyd Hasselbaink is also accused of negotiating a £55,000 fee to work for an agency which wanted to sell players to his club.
Leeds United owner Massimo Cellino, meanwhile, was reportedly filmed offering to sell shares to the fake firm in order to help the undercover reporters get around third party ownership rules.
The Italian is said to have suggested the firm become shareholders in Leeds and in return he would ensure they would receive a percentage of his players’ sell-on fees.
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