Chelsea, who are on the verge of signing Joao Felix on loan, are thought to be behind Arsenal in the running for Mudryk as he prefers a move to north London.
Despite the Gunners sitting pretty atop the Premier League, former striker Collymore thinks the long-term project at Stamford Bridge is “better”.
He told CaughtOffside: “I know some fans will argue that considering where both clubs are at the minute, if he were to choose the Blues over the Gunners, it’ll only be for the money.
“And that may well be true, but for me, Chelsea is still the more attractive project. If [Todd] Boehly can sell Chelsea’s future to Mudryk then that’s the more alluring option.
“If I had the choice, I’d choose Chelsea over Arsenal and that’s not me dismissing the good work Mikel Arteta and Arsenal are doing, but I just think over a three or four-year period, the Blues are the better project and the club more likely to consistently compete for silverware.
“So all that being considered, I wouldn’t be surprised if Mudryk ended up at Stamford Bridge.”