For most players of Collingwood's generation, Test cricket remains at the summit of the sport.
And for the majority of Anglo-Australian cricketers that means the Ashes, cricket's oldest international contest, is the series they want to win above all others.
But Collingwood, a member of England's Ashes winning side in 2005, thinks attitudes could be changing.
Speaking at the launch of the 2009 Twenty20 World Cup in England at The Oval here Tuesday, the Durham all-rounder said: "The Twenty20 World Cup hasn't got any tradition at the moment, has it?
"It is very new. When I was growing up, you always had the Ashes. You always wanted to win the Ashes and a one-day World Cup final.
"The Twenty20 World Cup hasn't got any history yet. For the next generation, they will maybe see that as the number one competition to win."
Collingwood played a straight bat when asked if he would rather win the 50-over World Cup, worth 600,000 dollars to the victorious side or England's new Twenty20 match against Allen Stanford's Caribbean XI in November - where the Texan billonaire is promising one million dollars to each member of the winning team.
"Which would I rather win? I'm being asked these questions all the time. For me, I'd be happy to win both if you ask me honestly," he told reporters ahead of the fourth one-day international between England and New Zealand here Wednesday.
"How much is the Twenty20 World Cup worth? 600,000 dollars. Peanuts, that, compared to Stanford!"
David Morgan, president-elect of the International Cricket Council (ICC), played down suggestions the rise of Twenty20 signalled the beginning of the end for Test matches and 50-over cricket.
"Cricket is fortunate to have three properties at international level," the former England and Wales Cricket Board (ECB) chairman said.
"The 50-over game, this ground will be fill to bursting tomorrow (Wednesday) as will be the case at Lord's (where the fifth and final one-dayer between England and New Zealand takes place) on Saturday.
"And as you all know, Test cricket is very well supported in England."