The study of X-point collapse in magnetic reconnection has witnessed extensive research in the context of space and laboratory plasmas. In this paper, a recently derived mathematical formulation of X-point collapse applicable in the regime of extended magnetohydrodynamics is shown to possess a noncanonical Hamiltonian structure composed of five dynamical variables inherited from its parent model. The Hamiltonian and the noncanonical Poisson brackets are both derived, and the latter is shown to obey the requisite properties of antisymmetry and the Jacobi identity (an explicit proof of the latter is provided). In addition, the governing equations for the Casimir invariants are presented, and one such solution is furnished. The above features can be harnessed and expanded in future work, such as developing structure-preserving integrators for this dynamical system.