Thompson, who rides for Championship Leicester, will be on standby at all home meetings and will be available to cover for absence in the lower order of the team.
He will also front the club’s new Premiership Junior League team and he’s hoping it will be another small step forward in the progress of his career.
He said: “Chris (Van Straaten) approached me to ask if I’d like to come in as No.8, and it was something I was always going to say yes to. I think it’s a great opportunity.
“I’m really pleased to be joining Wolverhampton, and hopefully it will lead into something a bit bigger for years to come.
“I’ve ridden there a few times and I did pretty well there in the National League in 2019. It’s a tight, technical track and I really enjoy that.
“The plan is for me to be at almost every home meeting, just to get a feel for it, and to be ready for when the time actually comes.
“The Championship is a big step up from the National League, but I think I handled that well, and I made a fair bit of progress throughout last season.
“I think I’m ready to start making the next step and get into the bigger league now.”
Thompson will have some familiar company in the home pits as he rode in the same side as Australian duo Nick Morris and Ryan Douglas at Leicester last season, and Morris remains with the Lions this year.
He added: “(Brother) Dan and I both had a lot of help from Nick and Ryan throughout last season, and it will be great to be back working with them again.
“I’m looking forward to being around the team and being able to get a feel for how everything works in that league.”