Collymore said in his column in the Daily Mirror: “Liverpool are joint top of the Premier League but I fear that the opening of new contract talks with manager Rafa Benitez is a big mistake.
“Spaniard Benitez, 48, has guided my old team to the summit in a bid to end an 18- year title drought but the Liverpool board should wait until the end of the season to negotiate a new deal.
“The club won nothing last season, which was totally unacceptable. And Benitez has yet to prove he can satisfy the club’s huge craving for a Premier League crown.
“Liverpool have finished fifth, third, third and fourth under Benitez, who has 18 months left on his existing contract.
“And with 26 games left this term, the Anfield club could easily end up 11 points off the pace again, just like last season.”
He added: “I’d put Benitez on probation until the end of the campaign – then tell him: ‘Deal or no deal.'”