Alternating associative polymers (AAPs) containing more than two species of alternating hydrophobic and hydrophilic units can form unique physical network and perform interesting rheological behavior in aqueous solution. In this work, an AAP was prepared through self-assembly assisted dimerization of an anthracene-functionalized telechelic associative polymer (AnTAP) in aqueous solution by light irradiation. It is demonstrated that AnTAP can in situ chain extend to AAP with well-defined linear structure and ultrahigh molecular weight through dimerization reaction of anthracene moieties in the core of micelle under light irradiation. Meanwhile, the solution changes from viscoelastic liquid to a free-standing gel, because a physical network that cannot relax in a finite time window has developed along with the dimerization process. The results are therefore of interest not only for understanding the network structure and rheological properties of AAP solution, but also for preparing AAPs with ultrahigh molecular weight by self-assembly assisted photodimerization reactions.