The England international was named as Liverpool captain following Steven Gerrard’s move to Major League Soccer side LA Galaxy last summer.
Henderson has returned from injury to become a regular under Brendan Rodgers’s successor Jurgen Klopp.
The 25-year-old has scored two goals and has made three assists in 15 Premier League games so far this season.
However, former Liverpool striker Collymore doesn’t believe Henderson is good enough if the Reds want to establish themselves as a Champions League side.
— Stan Collymore (@StanCollymore) March 6, 2016
Henderson has netted two goals and has created three goals for team-mates in 18 games in all competitions for the Merseyside outfit so far this season.
Liverpool were 2-1 winners against Crystal Palace at Selhurst Park on Sunday afternoon after Christian Benteke scored an added-time winner.
The Reds face Manchester United in the first leg of their Europa League last-16 tie on Thursday night.
MORE: The latest football news