Wenger's future at Arsenal is uncertain after a series of setbacks in recent weeks.
Fans are turning on Wenger as their wait to land the Premier League title looks set to stretch into another season.
Juventus and Borussia Dortmund bosses Max Allegri and Thomas Tuchel have both been backed to succeed Wenger.
But Collymore reckons Atletico Madrid manager Simeone is the standout candidate for the job.
Who could succeed Arsene Wenger at Arsenal?
Wed, February 8, 2017
Express Sport takes a look at top candidates who could replace Arsene Wenger at Arsenal
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Who are the favourites to replace Arsene Wenger at Arsenal?
Diego Simeone must replace Arsene Wenger at Arsenal, according to Stan Collymore
Arsene Wenger could leave Arsenal at the end of the season
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"I’ve long said it should be Diego Simeone, and I stand by that, although there are other big-name managers out there who would give them a lift," the former Liverpool star wrote in his column for the Mirror.
"Not least because they are younger and hungrier than the Frenchman, and what the modern-day boys give you is very different to Wenger.
"They are guns for hire. They do a couple of years here, a couple of years there — and they keep evolving.
"Pep Guardiola is the obvious example.
"He spent four years as Barcelona boss, then took a 12-month sabbatical. He went to Bayern Munich for three seasons, then moved to Manchester City last summer.
Stan Collymore also believes Carlo Ancelotti would be a wise choice
"No doubt, after three, four or five years at the Etihad he’ll take another break to recharge, before going into his next job.
"Carlo Ancelotti, whose Bayern Munich side Arsenal face in the Champions League on Wednesday night, is not young but is another example — he has managed Juventus, AC Milan, Chelsea, Paris Saint-Germain, Real Madrid and now Bayern in less time than Wenger has been in charge at Arsenal.
"Ancelotti has also won the Champions League as a player and as a manager (at two different clubs) — something he can tell every dressing room he walks into, and that earns him a level of respect Wenger will never have.
"It means Ancelotti is still relevant, while all Wenger has to show for the last decade is a couple of FA Cup final wins."
Simeone's own future at Atletico is still far from certain.
The former Argentina international shortened his contract with the La Liga side back in September, with Inter Milan touted as a possible destination.