Indeed, the pundit says he would have named West Ham or Southampton as potential title challengers if someone from outside of the usual candidates was to mount a serious bid.
However, he acknowledges that Leicester have been 'absolutely fantastic' in defying the odds.
Thompson told Sky: "I just think it could be one of those magical seasons like when Blackburn or Nottingham Forest did it.
"Maybe the top teams are just redefining themselves and there's an opportunity but, if I'd foreseen that happening, I would have said it would be a team like Southampton or West Ham that could take advantage, certainly not Leicester, but they've been absolutely fantastic."
At their best, both West Ham and Southampton are almost unstoppable - easily earning wins against the biggest sides in the Premier League.
However, both have suffered lengthy dips in form this season and that has been the very difference between them and Leicester in the Premier League table.
That said, neither West Ham nor Southampton are having a bad campaign. They are, in fact, enjoying very good ones. Just not as good as Leicester.