Jurgen Klopp’s side are preparing to face domestic rivals in a European showpiece on Saturday.
Both teams are seeking to bring long waits for major silverware to a close and claim tangible reward at the end of positive campaigns.
Liverpool are considered by many to be favourites, despite Spurs having Harry Kane back at their disposal and delivering some stunning continental displays of their own.
Collymore is among those who believe the Reds will have too much firepower, although he concedes that a break from the end of the Premier League season could help to level the playing field.
“The fact Liverpool have more weapons than Tottenham makes my old club favourites to win the Champions League final on Saturday,” Collymore told The Mirror.
“The front three of Roberto Firmino, Mo Salah and Sadio Mane, plus the form of Gini Wijnaldum and Jordan Henderson, will give them the edge, however slight.
“The fact Liverpool beat Barcelona in such extraordinary circumstances in their semi-final as well will mean the feeling in their dressing room is quite simple.
“They will believe they shattered a stronger glass ceiling that night than anything they’d have to break if they were to beat Spurs, and that will give them huge belief.
“That’s not disrespecting Mauricio Pochettino’s side, but to have overturned a 3-0 deficit against a team containing, for many, the greatest player of all time will make them think they can come back from any possible scenario.
“The only minor niggle in my mind is the three-week break, because the outcome will also depend on which team has managed best to stay on the bridle.
“If we were just a week after Liverpool beat Barca and Spurs beat Ajax I’d have said, ‘No-brainer, it’s a Liverpool victory'.
“But I’ve been involved in enough finals and seen enough to know you want momentum and that a little break can just blunt your tools a bit.
“If the break has had any sort of impact then it will narrow the gap because Liverpool are more of a gung-ho, express themselves team and Spurs more pragmatic.
“But, even so, I still fancy Jurgen Klopp and his lads will do it.”
Liverpool and Spurs are both already assured of a place in next season’s Champions League, with the Reds having finished as runners-up in the Premier League while Pochettino’s side secured a fourth-place standing.