The broadcaster believes the Whites have every chance of finishing in a play-off spot.
Monk got off to a difficult start at Elland Road after taking over from Steve Evans at the start of the summer, winning just one of his first six Championship games.
However, since 13 September - a run of 17 games in all competitions - the Whites have suffered just five defeats and have won nine league games from 14.
That form has seen them surge up the table, and though they lost to high-flying Brighton & Hove Albion last week they currently sit in the last play-off spot in sixth position.
Whilst conducting a Twitter Q&A on his personal account, Collymore was asked for his opinion on Leeds' promotion chances.
Massive admirer of Garry Monk. He's steadied one of the biggest and most volatile ships in English football. Every chance of top 4-6 https://t.co/E2Dipz8p0k— Stan Collymore (@StanCollymore) December 12, 2016
He admitted that he is a huge admirer of Monk and the way that the former Swansea boss has gone about business at Elland Road, and suggested that there is no reason the Whites cannot qualify for the play-offs.
Before the defeat at Brighton, Leeds secured an impressive victory over Collymore's boyhood team Aston Villa, a result which some in the Whites camp suggested was a perfect indicator of what they can achieve this term.
They now look forward to a home double-header against first Reading and then Brentford this week. Those are two distinctly winnable games, and six points would be a big boost to their ambitions.