Despite going into last season with some doubt lingering over his future following two long-term loan spells in previous years, the 21-year-old was a key member of Mark Warburton's squad during his first campaign at Ibrox, helping them secure promotion back to the top flight.
McKay featuring in the recent pre-season friendly against Burnley
And Thompson is confident that the youngster - who earned his first international cap earlier this year - will be able to replicate the form he showed last season when the Light Blues' league campaign begins on Saturday, having tipped him to be his one to watch this term.
"He was outstanding last year and he has started this season well. On his day, there is nobody better in his position in Scotland," he told BBC Sport.
Perhaps the greatest compliment that Warburton could have paid McKay this summer was the fact that of all the areas of the squad he has strengthened, it is out on the wing that the Gers boss has arguably done the least, possibly because he knows how valuable the wide-man will be this season.
McKay demonstrated last term that as well as creating goals for his teammates, he is able to find the back of the net himself, and often in some style.
Rangers manager Mark Warburton
Arguably the standout goal last season was the thunderous strike against Celtic in the Scottish Cup semi-final at Hampden Park, but he proved that it was not a fluke as he followed it up with an even more outrageous goal in the club's next game away at Hibernian.
And it is seemingly because of those moments of magic that Thompson is confident that McKay will be the name on everyone's lips come the end of the campaign.