Speculation has suggested the out-of-contract midfielder may turn his back on the Magpies and make a move to Carlton where he will be reunited with former coach Mick Malthouse.
But Thomas – who is recovering from significant ankle surgery – said his negotiations with Collingwood were well on the way.
"It's progressing, the club and my manager have started talking again which is good,'' Thomas told News Limited.
"The club had bigger things to worry about with finals and unfortunately that didn't go as well as planned, but now they can sit down get to the nitty gritty of it all and we'll wait and see.''
Set to become a free agent at season's end, Thomas said he found conjecture about his football future intriguing.
"It is interesting, a lot of people are speculating as to where I'll be,'' he said.
"I'm a Collingwood player as we speak. My manager will speak to the club and hopefully they can flush out everything and that goes to plan.
"With the market and the industry the way it is, free agency has changed the landscape a great deal. I think that's where all the speculation comes from.''
Importantly, the state of his ankle condition is not as a bad as first thought.
"The key was seeking out the opinion of a few specialists,'' Thomas said.
"The reports from them was really good and really uplifting, I suppose. Initially we weren't really sure until we got the scans and saw those specialists, but they advised me to rest and the rest has done the trick.''
Thomas has been diligenty attacking his rehab with Magpies medical staff at Collingwood's training base as he seeks to be ready for the start of pre-season.
"I'm planning to be right - and I think most of the physios feel the same - by the first day of pre-season,'' Thomas said.
"That's really positive because I obviously missed virtually the whole preseason last year with the ankle injury so I'm looking forward to getting a full preseason under my belt.''
Twitter: @AFL_BenGuthrie
