The Magpies were thrown into a crisis at the beginning of this campaign, with first choice number one Tim Krul being ruled out for the season.
They then lost number two Karl Darlow to an injury, meaning they were left relying on third choice Rob Elliot to step up into the side.
He has since been a revelation for them though with a number of top performances, and Thompson was keen to praise him.
“His form has been absolutely terrific,” he told Soccer Saturday.
“Tim Krul must be looking and thinking ‘oh my goodness’. He knows what he’s doing; he’s been an absolute inspiration.
“If you’ve got someone like that behind you, you think to yourself ‘we’ve got a chance now’.”
Elliot was on his way out of the club until his recall, with many suggesting he could go for a bargain price in January.