The 26-year-old Scottish forward was sold to the Ibrox club by Saints for £500,000 in February 2016.
But he found starts hard to come by despite 24 appearances last season and has been sent back to Perth on loan.
"He knows when I need a kick up the backside or an arm round the shoulder," O'Halloran said of Wright.
O'Halloran joined Saints after leaving Bolton Wanderers in January 2014 and, after 16 goals in 90 appearances, was persuaded to move down a division to join Mark Warburton's Rangers.
He scored three goals as he helped the Glasgow side win the Championship title, but he failed to find the net last season and fell out of favour under new manager Pedro Caixinha.
"I came here a few years ago from Bolton and, at the time, it felt right when I spoke to the manager and again it feels right," said O'Halloran of his six-month loan.
"He knows me as a person and how to get the best out of me as a player and I trust him and I think he trusts me, which is important.
"You also see how he is with the boys, it is such a tight group, a family club and we work hard for each other.
"The manager, the staff and the boys were a big part in coming back and I am just looking forward to it."
O'Halloran came on at half-time in Saturday's friendly against East Fife and is hoping to start in this weekend's Premiership opener against Kilmarnock.
"The last game I started was in January," he added. "I haven't done a lot of training sessions and pre-season has been on my own as well.
"It was good to get training with the boys again and get some minutes on the pitch on Saturday, which was important as well going into the season."
Michael O'Halloran believes St Johnstone manager Tommy Wright is the best man to help him rediscover the form that led to a transfer to Rangers.