Sanchez has scored seven times for the Gunners so far this Premier League season and has often been described as the north London side's only world-class player.
But former Premier League striker and current radio pundit Collymore feels the 25-year-old's influence is already far too strong compared to the rest of his team-mates.
He believes Arsenal are too reliant on the Chilean, just like they were when Cesc Fabregas and Robin van Persie were at the club.
"What the Gunners lacked against Anderlecht was leadership and the defensive strength that comes from a strong central pairing and somebody in midfield who can stand up and be counted. It's the same old story," Collymore wrote in his weekly Bleacher Report column.
"So often in recent years, Arsenal have been over-reliant on one player. That man has been Robin van Persie, Cesc Fabregas and now Alexis Sanchez.
"[Arsene] Wenger needs to compliment world-class attacking talent with defensive strength at the back and in midfield."
The north London side recently let a three-goal lead slip against Anderlecht in the Champions League and travel to Wales to face Swansea City this weekend.