The former Everton boss will take charge of the Toffees alongside David Unsworth this weekend following the sacking of Roberto Martinez.
The Spanish boss was relieved of his duties on Thursday afternoon following the 3-0 loss to Sunderland on Wednesday evening.
His sacking was the culmination of a disappointing campaign that will see them finish outside the top ten for the second successive year.
As a result, Royle and Unsworth will take charge for the final game against Norwich City, and Collymore says it will be great to see the former back.
Will be nice to see @DirofFootball in the dugout again. A great football man, a great man full stop.— Stan Collymore (@StanCollymore) May 12, 2016
Attention now turns to who will be Roberto Martinez’s permanent successor at the club this summer.
A number of names have already been linked with the job, with several currently Premier League bosses among them.
The current favourite however appears to be Frank de Boer, with the Dutchman having left Ajax this week following their title loss to PSV and his agent admitting he would be interested in the Toffees.