Standard Sport understands Wenger is torn over his future at Arsenal - who he joined in 1996 - although he admitted to us after the Gunners' loss to West Brom on Saturday he has already made a decision about whether to stay or leave the club.
With fan unrest among the Arsenal support at an all-time high and Arsenal being forced to deny a report from Germany claiming they have approached Borussia Dortmund head coach Thomas Tuchel, Collymore has said it is time for Wenger to go.
Writing in his column for The Mirror, the former Liverpool striker said: "If Arsene Wenger does stay on at Arsenal it could be massively damaging for the club.
"One big problem could be the managers they miss out on by not making a change now.
"There are a lot of managers that would walk to Arsenal. For the next man, it is all laid there in front of him.
"The club is in a world famous city, attracts 60,000 fans to matches, is a huge revenue generator, has lots of cash in the bank and a fine domestic history.
"But if you are the likes of Diego Simeone, Thomas Tuchel, Jorge Sampaoli, Max Allegri you would think ‘if Wenger is going to stay for another two or three years, in that time the Bayern Munich job might come up. Or the jobs at Chelsea, Liverpool or perhaps even Manchester United.’ All clubs with much better pedigree than Arsenal domestically and in Europe.
"Surely Arsenal’s owner Stan Kroenke can see that not only are there managers out there like Jose Mourinho, Antonio Conte, Sampaoli, Allegri, Jurgen Klopp and Pep Guardiola who are winning trophies but they are also younger and fresher.
"Wenger is now an analogue manager in a digital age."
He added: "For me it is quite simple. He has to go.
"Wenger should thank his lucky stars there are four places in the Champions League and that his owner has no understanding of competing in football. Those things will probably keep him in a job for another few years.
"But it has got to the stage where Arsenal’s annual soap opera has become a joke and Wenger is at huge risk of destroying his legacy."