"All this wasn't lost on me the day he signed," Collymore told liverpoolfc.tv. "I would have absolutely loved to stay at Liverpool for 10 years but it wasn't to be.
"Yes, I can see him staying a long time. It's a lot of money Liverpool have spent, but they did it for the long term. He's going to be here for at least the next five or six years.
"I have been following his progress all season. He's been a breath of fresh air because he can do everything. It's nice to see strikers who are mobile. He's comfortable with the ball at his feet and can get past people.
"He's got all the attributes to his game to score 20-25 goals a season. I know his record didn't quite get up to that at Atletico Madrid but with the supply line he's got at Liverpool - especially Steven Gerrard pinging balls forward for fun - he'll get goals.
"You see so many strikers these days who aren't intuitive goalscorers, but he's definitely got that in his locker.
"He seems like a very level-headed lad and his English is coming on leaps and bounds, so yes, he has every chance of writing his name in Liverpool folklore."