Hodgson was forced to apologise for referencing a joke during half time of England's crucial World Cup qualifier against Poland on Tuesday, asking Chris Smalling to pass the ball to Andros Townsend by telling him to "feed the monkey".
However, Collymore, who has been subject to racial abuse in the past, believes that Hodgson has done nothing wrong and that such a frivolous allegation of racism weakens the fight to eradicate it from football.
"Someone leaked it and I bet 100% confident that no player was offended, not one," Collymore wrote on Twitter.
"If they are, do explain why. Racism is hard enough to keep on the agenda as it is without making everyone think a legitimate space tale should be a cause for offence.
"Demeans every anti racism campaigner by having cheap pop at RH who said NOTHING WRONG. Makes campaigners seem over PC & petty. They're not."