A blade was held at his wife Nancy's throat, while his children were threatened with having their fingers cut off, during the robbery on Wednesday night at the family's home in St John's Wood, north-west London, The Sun reported.
Both mother and children are thought to have been separated in different rooms during the burglary.
The gang are understood to have made off with cash and jewellery.
Steve Kutner, Wright's manager, told the newspaper: "It was a terrifying ordeal. They marched Ian's wife from room to room."
Wright, who has been working for ITV in Brazil, was said to have returned as soon as he heard the news.
The 50-year-old former Arsenal striker tweeted last night: "You won't get away with it!"
He is currently on a flight home from South America which is expected to land in the UK at 1pm.
A Scotland Yard spokesman said: "We are investigating an aggravated burglary at an address in north-west London after we were called at 9.20 last night.
"Personal possessions were stolen. The suspects are described as four black men aged between 18 and 25, with London accents, wearing dark clothing and hoodies obscuring their faces.
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