Carra stages his big match against Everton at Anfield on Saturday and Thompson said it is a chance for the Kop to salute a Scouse hero.
"Carra has been a magnificent servant for the club and he will go down as a true legend in the game," Thompson told liverpoolfc.tv.
"He's one of our own. A lad who crossed the divide from being an Evertonian to a Liverpudlian.
"Everyone knows his passion and commitment. He's had some difficult times over the years with injuries and having to play at full-back, but he's come through.
"His drive and focus is remarkable but he can play too. He's a great defender who reads the game so well."