Tottenham have failed to win any of their last three matches, which has given Arsenal the opportunity to close the gap on them.
The Gunners are now just two points behind Spurs, and their last game of the season comes against rock bottom Aston Villa.
Arsene Wenger’s side are expected to cruise to three points against the hapless Villains, leaving Spurs with work to do.
Tottenham take on Newcastle United on the final day of the current campaign, and they will need to avoid the defeat to ensure that the finish ahead of their North London rivals.
Thompson does think that Spurs will be able to pick up the result against the Magpies, but he admits that they have been dragged back into a fight for second spot.
“Pochettino has done a wonderful job, but this is an Arsenal team that are now fighting for second spot,” he said.
“The Spurs fans are now absolutely panicking, because of all things they were going for the Premier League title but now they’re clinging on for second place.
“I still think Tottenham will do it.”
Tottenham have only finished above Arsenal once before in the Premier League era.