Leeds are currently fourth in the Championship and seven points adrift of the automatic promotion places.
The Whites have been out of the top flight since their relegation in 2004 following a financial crisis at the club.
Leeds have only been in the Championship play-offs once in the last 12 season – they dropped to League One between 2007 and 2010.
But since Monk has come in, Collymore believes Leeds are showing signs of a return to their former glory days.
Garry Monk has been praised by Stan Collymore for his approach at Leeds
Leeds are currently fourth in the Championship
"He’s applied the simple basics of Championship football – clean sheets, hard work and a bloke up front in Chris Wood, who knows where the net is," Collymore told the Sunday Mirror.
"That’s the “philosophy” you need, if you want to make it to the Premier League.
"And Leeds United is just awakening from a slumber – giving us all a glimpse once more of the force it could be in English football."
Leeds travel to Sutton this afternoon in the FA cup fourth round in a potential banana skin match.
Fans react as Leeds announce first January signing
Mon, January 9, 2017
Leeds United have announced the permanent signing of Pablo Hernandez
1 of 10
Pablo Hernandez has signed a permanent deal with Leeds and this is how fans reacted
Stan Collymore believes Garry Monk can take Leeds back to the Premier League
But Collymore doesn't think Leeds should put too much pressure on getting a result against the National League side.
"It’s not a must-not-lose. It’s not even a must-win," Collymore added.
"But Leeds United have a good thing going at the moment. It would be typical of the club of old to allow nerves to creep in and make it a difficult afternoon.
"The chemistry is working at Leeds United at the moment."