First-choice goalkeeper Simon Mignolet has come in for plenty of criticism in recent weeks following a string of unconvincing displays for the Merseyside outfit.
Nevertheless, Mignolet was rewarded with a new long-term contract at Anfield this week has he committed his future to the club.
However, Collymore believes that Liverpool should be doing everything in their power to try to sign Butland from Stoke City, who has emerged as one of the most promising young goalkeepers in the Premier League.
Collymore wrote in his column for Boylesports: “I’m a little surprised at [Mignolet] getting a new deal.
“Neither he or Bogdan are Liverpool-class goalkeepers for me, and if Liverpool are going to start winning trophies, that comes from clean sheets and confidence in the keeper from the back 4 which I do not see consistently enough.
“So I’d break the bank for Jack Butland. He could give the youth, quality and consistency for years to come in the manner Joe Hart did at a pivotal time for Manchester City, and overall it has worked very well indeed.”
Liverpool, who are currently ninth in the Premier League, are gearing up for their FA Cup third-round replay against Exeter City at Anfield on Wednesday night. The Reds were held to a 2-2 draw in the original game earlier this month.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news