Collymore was signed for £2m by Frank Clark in July 1993 from the Roots Hall club and has been offered some sound advice by his former mentor.
Clark, who is now the vice-chairman of the League Managers' Association, told thisislondon.co.uk: "I told him don't do it. That's not knocking Stan. I just warned him what to expect and I hope it doesn't end in tears. I reminded him of what a settled lifestyle he has. What does he want to be a manager for?"
Stan could be named as manager in the next 24 hours and rumours suggest former Manchester United winger Lee Sharpe may be joining him.