The Reds, who were last crowned champions in 1990, are two points clear at the top of the table with six games remaining.
Despite giving themselves a chance of winning the title, Thompson believes that Brendan Rodgers's side have already had a successful year by clinching Champions League qualification.
"For me, there is no pressure on these lads as they have given us a fantastic season," he told Sky Sports News.
"I don't want to get carried away too much and think we should be winning it because the transformation in this club, this team and this fanbase is incredible. We should embrace the fact we will be playing Champions League football again next year.
"People will say that this might be the best year to win it, and I accept that, but if it didn't come right and we didn't win it, it won't knock me as I think it has been a fantastic season."
Liverpool return to action on Sunday when they travel to West Ham United in the Premier League.