Thompson believes Torres and Mascherano, both 26, should now come out publicly and commit to the Hodgson cause at Anfield.
He told the Daily Star: "I know it's been frustrating for Fernando because of the injuries since he arrived at Liverpool.
"He was a big player at Atletico Madrid but now he's a regular international footballer and one of Spain's main strikers. I hope he shows loyalty too.
"Liverpool deserves another year from Fernando, Javier and Stevie. Let's remember Mascherano was a reserve team player at West Ham when Rafa got him.
"Rafa resurrected his career and he was captain of Argentina in the World Cup.
"Stevie was captain of England. All this has come about because of their time at Liverpool.
"I would like to see them all give at least another 12 months to help Roy Hodgson get this club back to the Champions League."