Atletico Madrid boss Diego Simeone has also been linked with Chelsea.
Simeone has been in charge of Atletico Madrid since 2011 and has a contract with the Spanish club until June 2020.
Collymore has explained why the former Argentina international midfielder should replace Arsene Wenger as the Arsenal manager at the end of the season.
“In Diego Simeone, a man the club are desperate to keep, they have a manager who wants to buck the trend of Atletico as the ‘other’ team who pop up once a decade to challenge, and turn them, by hard work, graft, character and results into a force that is now widely respected across Europe,” the former Nottingham Forest striker wrote on Boylesports.com.
“Remember, they don’t have the cash, the stadium revenue of 'London' cache of Arsenal, yet they are doing exactly what Arsenal need to do, namely stop being the ‘nice’ other team with no stars on their shirts but with a great domestic history, into a machine that is feared as well as respected.”
Simeone has done a remarkable job at Atletico, who won La Liga during the 2013-14 season. The Madrid outfit also clinched the Europa League in 2011-12 and reached the final of the Champions League in 2013-14.
The Argentine’s success at the Vicente Calderon has not gone unnoticed in the rest of Europe, with The Guardian claiming that Chelsea are looking at him as the manager to succeed Guus Hiddink.
Wenger has been in charge of Arsenal since 1996 and has a contract until June 2017. The North London outfit are third in the Premier League table at the moment with 51 points from 27 matches, five points behind leaders Leicester City.