Thompson said Wednesday that what Favre accomplished in Green Bay was remarkable. The Packers announced this week that they would induct Favre into the team's Hall of Fame next year and retire his No. 4 jersey.
It was Thompson and coach Mike McCarthy who decided to part ways with Favre in 2008 following another round of uncertainty of whether or not the quarterback would retire.
Aaron Rodgers took over after backing up Favre for three seasons and led Green Bay to a 31-25 win over the Steelers in the Super Bowl in 2011.
Rodgers has been supportive of bringing Favre back.
"I think it's important to bring him back into the fold," Rodgers said Wednesday after practice. "He's one of the greatest Packers of all-time and one of the greatest NFL players of all-time."
Thompson was with Green Bay in 1992 when former general manager Ron Wolf traded a first-round draft pick to the Atlanta Falcons to acquire Favre.
"There's a certain feeling I think that everybody associated with the Packers, and just fans and shareholders and things like that ... feel it's the right thing," Thompson said. "It feels comfortable that we now have a plan and we're going to do things a certain way. ... I think it's great to have him back."